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"Online Loans UK" FinanceLeadHouse offers you wide range of online & real easy...
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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
B
Balloon
Mortgage: a mortgage that typically offers low
rates for an initial period of time (usually 5, 7, or
10) years; after that time period elapses, the balance
is due or is refinanced by the borrower.
Balloon
payment: A lump-sum payment that may be
required when the plan ends.
Bankruptcy: a federal law Whereby a person's
assets are turned over to a trustee and used to pay off
outstanding debts; this usually occurs when someone owes
more than they have the ability to repay.
Borrower:
a person who has been approved to receive a loan and is
then obligated to repay it and any additional fees
according to the loan terms.
Broker: An individual in the business of assisting in
arranging funding or negotiating contracts for a client
but who does not loan the money himself. Brokers usually
charge a fee or receive a commission for their services.
Budget: a detailed record of all income earned and
spent during a specific period of time.
Building
code: based on agreed upon safety standards
within a specific area, a building code is a regulation
that determines the design, construction, and materials
used in building.
Buydown:
With a buydown, the seller pays an amount to the lender
so that the lender can give you a lower rate and lower
payments, usually for an early period in an ARM. The
seller may increase the sales price to cover the cost of
the buydown. Buydowns can occur in all types of
mortgages, not just ARMs.
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