Acceleration Clause : |
If you default on a loan this clause allows the lender to speed up the rate in which the loan is paid off. This can include an entire balance to be paid off immediately. |
| Agreement of Sale : |
Otherwise known as a sales or purchase agreement, this agreement basically states that the seller is selling and the buyer is buying under a specified set of terms. Both parties would then sign the contract. |
| Amortization : |
| Calculates the loan payment including interest on the outstanding balance to be paid off at the end of a fixed period. |
| Annual Percentage Rate (APR) : |
Often confused with interest rate, an APR supplies the cost of credit over the course of a year. It is supplied as a percentage taking into consideration the amount finance, any charges, and the term of the loan. |
| Appraisal : |
| An estimate of the value of property, made by a professional appraiser. |
| Appraisal Fee : |
| A service fee for estimating the value of property. |
| Asset : |
Property that can be used to repay debt, such as stocks, bonds, cars or a house. |
| Automated Teller Machines (ATMs) : |
Essentially computer terminals in which customers can withdrawal, deposit, or received balance statements of their bank accounts or credit cards. |
| Billing Error : |
Any mistake in your monthly statement as defined by the Fair Credit Billing Act. |
| Broker : |
A person who assists a client in negotiating contracts or assisting in the arrangement of funding, but does not loan the money themselves. |