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ch4 Personal Finance
| Question | Answer |
|---|---|
| Annual Fee | , fee charged b y a credit card company for the use of their credit card. |
| Annual Percentage Rate | (APR), cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan. |
| ARM (Adjustable Rate Mortgages) | , Home loan secured by a deed of trust or mortgage is which the interest rate will change periodically (example – annually); typically adjusted based on a published index as the Treasury Bill; brought on as a result of high interest rates in the early 198 |
| Balloon Mortgage | , home loan in which the sum of the monthly payments is insufficient to repay the entire loan; a final payment come dues, which is a lump sum of the remaining principal balance. |
| Credit | , money owed |
| Credit Card | , tool used to finance a purchase |
| Credit Limit | , a maximum amount that may be owed at one time. |
| Debit Card | , type of card, often bearing the seal of a major credit card company; issued by a bank and used to make purchases; unlike a credit card, the money comes directly out of a checking account; also called a check card. |
| Debt Consolidation | , Act of combining all debts into one monthly payment, typically extending the terms and the length of time required to repay the debt. |
| Debt Snowball | , Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments. |
| Depreciation | , a decline in the value of property; the opposite of appreciation. |
| Finance Charge | , The total dollar cost of credit including interest and all other charges. |
| Foreclose | , Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract. |
| Grace Period | , Time period during which a borrower can pay the full balance of credit due with no finance charge |
| Home Equity Loan | , Credit line offered by mortgage lenders that allows a homeowner to borrow money against the equity in their home. |
| Introductory Rate | , Introductory annual percentage rate (APR) is a low rate offered by a credit card company as an incentive to apply for the card |
Created by:
eramig
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