Finance

Tag: Credit

  • Minimum Payment

    Minimum Payment in relation to Home Equity Lines of CreditIn this context, a definition of Minimum Payment is provided: The lowest amount that you must pay (usually monthly) to keep your account in good standing. Under some plans, the minimum payment may cover interest only; under others, it […]

  • Margin

    Concept of Margin in Futures TradingIn this context of financial law, the following is a definition of Margin: The amount of money or collateral deposited by a customer with his broker, by a broker with a clearing member, or by a clearing member with a clearing organization. The margin is not […]

  • Variable Rate

    Variable Rate in relation to Home Equity Lines of CreditIn this context, a definition of Variable Rate is provided: An interest rate that changes periodically in relation to an index, such as the prime rate. Payments may increase or decrease accordingly.

  • Security Interest

    Security Interest in relation to Home Equity Lines of CreditIn this context, a definition of Security Interest is provided: If stated in your credit agreement, a creditor’s, lessor’s, or assignee’s legal right to your property (such as your home, stocks, or bonds) that secures payment of your […]

  • Cap

    Cap (interest Rate) in relation to Home Equity Lines of CreditIn this context, a definition of Cap (interest Rate) is provided: A limit on the amount that your interest rate can increase. Two types of interest-rate caps exist. Periodic adjustment caps limit the interest-rate increase from one […]

  • Transaction Fee

    Transaction Fee in relation to Home Equity Lines of CreditIn this context, a definition of Transaction Fee is provided: Fee charged each time a withdrawal or other speci? ed transaction is made on a line of credit, such as a balance transfer fee or a cash advance fee.

  • Annual Percentage Rate

    Annual Percentage Rate (apr) in relation to Home Equity Lines of CreditIn this context, a definition of Annual Percentage Rate (apr) is provided: The cost of credit, expressed as a yearly rate. For closed-end credit, such as car loans or mortgages, the APR includes the interest rate, points, […]

  • Application Fee

    Application Fee in the Context of Mortgage RefinancingsIn this context, a definition of Application Fee may be distilled, worded as follows: Fees that are charged when you apply for a loan or other credit. These fees may include charges for property appraisal and a credit report.

  • Interest Rate

    Interest Rate in the Context of Mortgage RefinancingsIn this context, a definition of Interest Rate may be distilled, worded as follows: The price paid for borrowing money, usually stated in percentages and as an annual rate.

  • Equity

    Concept of Equity in Futures TradingIn this context of financial law, the following is a definition of Equity: As used on a trading account statement, refers to the residual dollar value of a futures or option trading account, assuming it was liquidated at current prices.

  • Closing Or Settlement Costs

    Closing or Settlement Costs in relation to Home Equity Lines of CreditIn this context, a definition of Closing or Settlement Costs is provided: Fees paid when you close (or sett le) on a loan. These fees may include application fees; title examination, abstract of title, title insurance, and […]

  • Points (also Called Discount Points)

    Points (also Called Discount Points) in relation to Home Equity Lines of CreditIn this context, a definition of Points (also Called Discount Points) is provided: One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000, one point equals […]

  • Index

    Asset Backed Index (abx)Concept of Asset Backed Index (abx) in the context of derivatives contract, by the International Swaps and Derivatives Association (ISDA): A credit derivative (i.e. an instrument that transfers risk from one party to the other) index based on 20 underlying ABS bonds that […]

  • Balloon Payment

    Balloon Payment in relation to Home Equity Lines of CreditIn this context, a definition of Balloon Payment is provided: A large extra payment that may be charged at the end of a mortgage loan or lease.

  • Annual Membership Or Maintenance Fee

    Annual Membership or Maintenance Fee in relation to Home Equity Lines of CreditIn this context, a definition of Annual Membership or Maintenance Fee is provided: An annual charge for access to a ? nancial product such as a line of credit, credit card, or account. The fee is charged regardless […]