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Q 1/27
Score 0
A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month
30
Adjustable-Rate Mortgage (ARM)
Q 2/27
Score 0
The paying off of debt with a fixed repayment schedule in regular installments over a period of time
30
Amortization
27 questions
Q.
A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month
1
30 sec
Q.
The paying off of debt with a fixed repayment schedule in regular installments over a period of time
2
30 sec
Q.
Something valuable that the lender can take as payment if you can't or don't repay your secured loan
3
30 sec
Q.
A loan that combines two or more education loans into a single loan, allowing the borrower to make a single monthly payment
4
30 sec
Q.
A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools
5
30 sec
Q.
A student loan that the federal government pays interest on as long as the student is in school at least half-time
6
30 sec
Q.
A student loan where the student is responsible for the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into their loan
7
30 sec
Q.
A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan
8
30 sec
Q.
A loan in which the interest rate is determined before loan is granted and remains constant as long as ontime payments are being made
9
30 sec
Q.
A mortgage that has a fixed interest rate for the entire term of the loan as long as ontime payments are being made
10
30 sec
Q.
The value of ownership built up in a home or property that represents the current market value of the house minus any remaining mortgage payments
11
30 sec
Q.
A line of credit extended to a homeowner that uses the borrower's home as collateral
12
30 sec
Q.
A consumer loan extended to a homeowner that uses the borrower's home as collateral
13
30 sec
Q.
Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal
14
30 sec
Q.
The amount you owe as the cost of borrowing money
15
30 sec
Q.
A contract (often used for cars or property) by which one party gives property to another for a specified time, usually in return for a periodic payment
16
30 sec
Q.
An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest
17
30 sec
Q.
A loan by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front
18
30 sec
Q.
A method of debt financing that enables individuals to borrow and lend money without the use of a financial institution as an intermediary
19
30 sec
Q.
Original amount of money borrowed, separate from interest or fees
20
30 sec
Q.
Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are not made
21
30 sec
Q.
The amount of time you have to repay your entire loan
22
30 sec
Q.
Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payments are not made
23
30 sec
Q.
A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan
24
30 sec
Q.
The rate charged for borrowing money usually expressed as a percent of the amount borrowed
25
30 sec
Q.
A fee charged if your payment is received after the due date
26
30 sec
Q.
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
