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Loan terminology glossary | UCOP – loan terminology glossary. prepaid interest: Mortgage interest that is paid from the date of the funding to the end of that calendar month. Primary Residence: A dwelling where one actually lives and is considered as the legal residence for income tax purposes. Principal: The amount of debt, exclusive of interest,
A leveraged loan is a type of. and subsequently may sell the loan, in a process known as syndication, to other banks or investors to lower the risk to lending institutions. Typically, banks are.
PDF Glossary of Loan Terminology – Loanontime – The repayment of a mortgage loan by installments with regular payments to cover the principal and interest. Amortization term The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.
A nonperforming loan (NPL) is a sum of borrowed money upon which the debtor has not made the scheduled payments for a specified period. Although the exact elements of nonperformance status vary,
A NINJA loan is a slang term for a loan extended to a borrower, with little or no attempt by the lender to verify the applicant’s ability to repay. It stands for "no income, no job and no assets.".
Time as Loan Term. Loans may be short-term loans or long-term loans. A loan’s term may be easy to identify. For example, a 30-year fixed rate mortgage has a term of 30 years. auto loans often have 5 or 6-year terms, although other options are available (auto loans are often quoted in months, such as 60-month loans).
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Mortgage Term vs. Amortization | Loan Payment Timeline – The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates.
A wrap-around loan takes on the same characteristics as a seller-financed loan, but it factors a seller’s current mortgage into the financing terms. Seller financing is a type of financing that allows.