Personal finance Personal finance In finance, accrued interest is the interest that has accumulated since the principal investment, or since the previous interest payment if there has been one already. For a financial instrument such as a bond, interest is calculated and paid in set intervals. ...more on Wikipedia about "Accrued interest"
An adjustable rate mortgage or variable rate mortgage is a loan secured on a property (house) whose interest rate and so monthly repayment vary over time. Other forms of mortgage loan include interest only mortgage, fixed rate mortgage, Negative amortization mortgage, discounted rate mortgage and balloon payment mortgage. Adjustable rates transfer part of the interest rate risk from the lender to the borrower. They can be used where unpredictable interest rates make fixed rate loans difficult to obtain. The borrower benefits if the interest rate falls and loses out if interest rates rise. ...more on Wikipedia about "Adjustable rate mortgage"
Adverse Credit History, also called sub-prime credit history, non-status credit history, impaired credit history, poor credit history and bad credit history, is a credit history that is judged as being adverse as the applicant has a history of unsatisfactory credit transactions. The term can apply to a corporate credit history but is more frequently used in relation to personal credit. ...more on Wikipedia about "Adverse Credit History"
Annual Percentage Rate (APR) is an expression of the effective interest rate that will be paid on a loan. It is different from the "note rate" (the advertised interest rate) because it includes one-time fees in an attempt to calculate a "total cost" of borrowing money. ...more on Wikipedia about "Annual percentage rate"
An annuity (from Latin annus, a year), is an investment that provides a defined series of payments in the future in exchange for an up-front sum of money. ...more on Wikipedia about "Annuity"
Antichresis, in civil law, is a contract whereby a person borrowing money of another, hands over his property to the creditor, allowing the use and occupation thereof, for the interest on the money lent. ...more on Wikipedia about "Antichresis"
A balloon payment mortgage is a mortgage that has a final payment that is much larger than a regular payment. ...more on Wikipedia about "Balloon payment mortgage"
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization. ...more on Wikipedia about "Bankruptcy"
Canadian Bankruptcy Law is a federal law set out in the Bankruptcy and Insolvency Act, and is applicable to both businesses and individuals. The office of the Superintendent of Bankruptcy, a federal agency, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner. ...more on Wikipedia about "Bankruptcy in Canada"
This page is about the legal term. For the computer game, see Benefactor (computer game). ...more on Wikipedia about "Benefactor"
Collateral is a word used for assets that secure a debt obligation. For example, in the case of a mortgage the house serves as the collateral for the mortgage loan. This way, the bank is secured against the default risk of the borrower not being able to meet the interest payments. In case of default the bank can sell the house and get its money (or at least a part of it) back. ...more on Wikipedia about "Collateral (finance)"
Credit history or credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score. ...more on Wikipedia about "Credit history"
A credit score is a number that represents an estimate of an individual's financial creditworthiness as calculated by a statistical model. A credit score attempts to quantify the likelihood that a prospective borrower will fail to repay a loan or other credit obligation satisfactorily. A credit score is based on a subset of the information in an individual's credit report. ...more on Wikipedia about "Credit score"
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. ...more on Wikipedia about "Debt consolidation"
If fixed rate mortgages(FRM) are noticed in advance a compensation the so-called "early repayment charge" or "redemption penalty" has to be paid. ...more on Wikipedia about "Early repayment charge"
An endowment mortgage is a mortgage arranged on an interest-only basis where the capital is intended to be repaid by one or more endowment policies. The phrase endowment mortgage is used mainly in the UK by lenders and consumers to refer to this arrangement and is not a legal term. ...more on Wikipedia about "Endowment mortgage"
An equity loan is a mortgage placed on real estate in exchange for cash to the borrower. For example, if a person owns a home worth $100,000, but does not currently have a lien on it, they may take an equity loan at 80% loan to value (LVR) or $80,000 in cash in exchange for a lien on title placed by the lender of the equity loan. ...more on Wikipedia about "Equity loan"
In American law, a finance charge is any fee or charge representing the cost of credit, or the cost of borrowing. It includes not only interest but other charges as well, such as transaction fees. Details regarding the federal definition of finance charge are found in the Truth-in-Lending Act and Regulation Z, promulgated by the Federal Reserve Board. ...more on Wikipedia about "Finance charge"
Financial Privacy is a blanket term for a multitude of issues: ...more on Wikipedia about "Financial privacy"
In legal parlance, fraudulent conveyance refers to the illegal transfer of property to another party in order to defer, hinder or defraud creditors. ...more on Wikipedia about "Fraudulent conveyance"
A home equity loan is a type of loan in which the borrower uses the equity in his home as collateral. These loans are sometimes useful for families to help finance major home repairs, medical bills or college educations. ...more on Wikipedia about "Home equity loan" The article you are reading is from www.shortopedia.com Personal_finance
A housing equity partnership (HEP) is a partnership in ownership of ( equity in) a house. Typically the ownership is split between the resident and some organization or corporation, often a financial institution, with the resident owning at least half of the dwelling. When the house is sold, the institution will receive its share of the selling price. These partnerships were championed by economist Andrew Caplin, Sewin Chan, Joseph Tracy and Charles Freedman in the late 1990s and are very similar to shared-equity plans that have existed for decades in the U.K., Europe and the U.S. They are also similar to a earlier proposal produced by Geltner, Miller and Snavely (1995) to develop Home Equity Investment Trusts (HEITs). ...more on Wikipedia about "Housing equity partnership"
Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit. ...more on Wikipedia about "Installment credit"
An interest-only loan is a loan in which for a set term the borrower pays only the interest on the capital; the capital remains owing. At the end of the term the borrower may renew the interest-only mortgage, repay the capital, or (with some lenders) convert the loan to a principal and interest payment loan at his option. It should be noted that some interest-only mortgages in Canada allow the borrower to pay interest-only, principal and interest, or even principal and interest plus 20% extra. ...more on Wikipedia about "Interest-only loan"
A mortgage is a method of using property as security for the payment of a debt. ...more on Wikipedia about "Mortgage" This text is made for http://www.shortopedia.com Personal_finance
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