Homeowner Education

The latest news, tips, and tricks for homeowners

Loan Default

Defaulting on a loan is the failure of a borrower to pay the principal or interest on a security or loan. For example, when a

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Loan Application

A loan application is used by borrowers to apply for a loan. Through the loan application, borrowers reveal key details about their finances to the

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Libor

The London Interbank Offered Rate, or LIBOR, is the most common benchmark interest rate index used to make adjustments to variable-rate loans and credit cards.

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Liability

A liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and invoices for goods

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Letter of Intent

A letter of intent provides a formal, but preliminary, agreement between two parties who intend to do business with each other. They are frequently used

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KYC Policies

(Know Your Customer) Policies to prevent businesses (financial and non-financial) from being used, intentionally or unintentionally, by criminal elements for money laundering.

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Jumbo CD

A jumbo CD is a savings certificate that has a specified interest rate, fixed maturity date and a minimum investment requirement of $100,000.

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Joint Liability

Joint liability is the state of two or more people who are equally responsible for paying back a debt. If someone applies for loan, such

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Interest Rate

An interest rate is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally expressed as an

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Interest

Interest is both the cost of borrowing funds and the profit that accrues to those who deposit funds in a savings account.

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