20514052
Descrição
FlashCards por Shannon Anderson-Rush, atualizado more than 1 year ago
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Criado por Shannon Anderson-Rush
mais de 4 anos atrás
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| Questão | Responda |
| Loan | a thing that is borrowed, especially a sum of money that is expected to be paid back with interest |
| Principal | denoting an original sum invested or lent |
| Interest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt |
| Amortization | a period in which a debt is reduced or paid off by regular payments |
| Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan |
| Mortgage | legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt |
| Mortgage Insurance | an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan |
| Truth in Lending Act of 1968 | US federal law designed to promote the informed use of consumer credit, requiring disclosures about terms & cost to standardize the manner in which costs associated with borrowing are calculated and disclosed |
| Collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default |
| APR | expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction but does not take compounding into account |
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