Copy of `Superglossary - Loan`

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Superglossary - Loan
Category: Economy and Finance > Loans
Date & country: 16/12/2013, US
Words: 169


Market Rate
The rate of interest a company must pay to borrow funds currently. Program-related investments gener

Maturity
A loan's maturity is the life of the loan; that is, how long you have to repay the loan. It usually

Mediation
A process of dispute resolution in which an impartial third party, a mediator, intervenes in a dispu

Mortgage
A mortgage is a promise in which you agree to put up your home as security for a loan. The mortgage

Mortgage Banker
A lender, other than a bank, credit union, or savings and loan, that specializes in making residenti

Mortgage Broker
A person or company that obtains a mortgage loan for the borrower from another lender. A mortgage br

Mortgage Insurance (PMI Or MI)
Insurance that may be required when a loan is greater than 80% of the value of the home. This insura

Multi-Lender Environment
Numerous lending institution sharing the same site and information to provide instant financing to s

Negative Covenants
Statements of actions or events of the borrower must prevent from occurring or existing, for example

Net Working Capital
Current assets minus current liabilities.

Net Worth
Total assets minus total liabilities. Aggregate net value of the organization.

Notice Of Right To Cancel
Under federal law, you may be permitted to cancel or 'rescind' a mortgage loan within a specified ti

Open-End Loan
A loan that permits the borrower to draw money from time to time up to a credit limit. A home equity

Opportunity Cost
The potential benefit that is foregone from not following the best (financially optimal) alternative

Payment Schedule
This information on the Truth in Lending Disclosure Statement shows the amount of the first loan pay

Personal Guarantee
A guarantee that the primary owner will assume personal responsibility for repayment of the loan, sh

Points
A fee charged by the lender as additional compensation for making the loan. One 'point' is equal to

Portfolio
A combination of assets held for its investment benefits, including financial and non-financial retu

Prepayment Penalty
The charge which can be imposed if you pay off your loan before maturity. The Truth in Lending Discl

Prime Loan
A loan offered to borrowers with better credit history (sometimes called 'A' loans). Prime loans gen

Prime Rate
The rate a lender charges its best customers. The rate is calculated differently by each lender.

Principal
In commercial law, the principal is the amount that is received, in the case of a loan, or the amoun

Private Mortgage Insurance
Private Mortgage Insurance (PMI or MI)- Insurance required to be paid for by the borrower to protect

Processing Fee
A fee charged by lenders or brokers to prepare a complete loan application file. A processing fee ma

Program-Related Enterprise
A business or enterprise designed to promote the social purpose goals of an organization as well as

Program-Related Investment
Broad, functional definition

Promissory Note
Promise to pay. Written contract between a borrower and a lender that is signed by the borrower and

Promissory Note
A legal contract in which the borrower promises to pay back the loan. The 'promissory note' sets for

Purchase Money Loan
A loan for the purpose of purchasing a home.

Rate Lock
Refers to the agreement between the borrower and the lender or broker that as long as the loan is cl

Receivables
Accounts receivable; an amount that is owed the business, usually by one of its customers as a resul

Recording Fees
Fees charged by the local government to record loan documents (for example, the mortgage). These fee

Recourse
Refers to the right, in an agreement, to demand payment from the person who is taking on an obligati

Recoverable Grants
Funds provided by a philanthropist to fulfill a role similar to equity. A recoverable grant may incl

Refinance
To repay one or more existing mortgage loans by getting a new mortgage loan.

Rescind
Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the

Restructure
A revision of a financial agreement that alters the conditions or covenants of the original agreemen

Revolving Credit
It is the same thing as a line of credit

Right Of Rescission
Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the

Roll Over
Prior to or at the time of the maturity of an investment or loan, the interested parties agree to co

Sba Loan
Loans to small businesses unable to secure financing on reasonable terms through normal lending chan

Secondary Mortgage Loan
A mortgage loan that is in addition to a mortgage that already exists on the home.

Secured Loan
A loan secured by specific collateral. Creditor may foreclose and seize the specific property that i

Security
A pledge made to secure the performance of a contract or the fulfillment of an obligation. Examples

Senior Debt
Debt that must be repaid before subordinated debt receives any payment in the event of default.

Settlement
The time when loan and mortgage documents are formally signed and the loan transaction is completed.

Settlement Agent
The person who organizes and is in charge of the loan closing. The settlement agent is the person wh

Settlement Statement
A mortgage loan closing form required by HUD that is often called a HUD-1. It provides details of al

Short Term Debt
Financing used to secure cash for accounts payable and inventory.

Small Business Administration
Established by Congress, the SBA provides financial, technical and management assistance to help Ame

Sub Prime Loans
These loans are priced higher than prime loans, often much higher. Loans to borrowers whose credit i

Subordinated Debt (Junior Debt)
Debt over which senior debt takes priority. In the event of bankruptcy, subordinated debt-holders re

Subsequent Draw Fee
It's a fee that the financial institution may charge each time you use the line of credit after the

Survey
A drawing or map showing the precise legal boundaries of a property and other physical features, pre

Term
The period of time during which loan payments are made. At the end of the loan term, the loan must b

Term Loan
A loan for a specific amount of money. It has either have a fixed or variable interest rate, matures

Total Liabilities
Total value of financial claims on a firm's assets. Equals total assets minus net worth.

Transfer Tax Or Charge
This is a government tax or charge that is usually based on a percentage of the property value or lo

Transunion Corporation
One of three leading providers of personal credit information.

Truth In Lending Act (TILA)
This is a federal law designed to protect borrowers and to give them enough information to compariso

Underwriting Fee
This is a fee charged by the lender to evaluate whether the borrower qualifies for a mortgage loan.

Unsecured Loan
A loan granted upon the good credit of the borrower. No collateral involved.

Up Front Costs
These are costs or fees which are charged to the borrower at or before closing of the mortgage loan,

User
A non- or for-profit entity that receives a program-related investment directly from a funder for us

Variable Interest Rate
An interest rate that changes during the life of a loan.

Warranties
Statement attesting that certain statements are true. For instance, the borrower may warrant that it

Working Capital
Technically, means current assets and current liabilities. The term is commonly used a synonymous wi

Write Off
When an investment, such as a loan, becomes seriously delinquent or in default and is determined to

Yield Spread Premium (YSP)
This is a payment made by a lender to a mortgage broker in connection with a borrower's mortgage tra