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

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

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.

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

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

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.

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.

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

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

Interest

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

Homeowner Education