The Credit Card Cure Co-op provides tons of tools to help you settle your credit card debts…including a list of frequently asked questions and an extensive glossary of terms.
I hope these “5 terms for today”, January 10th, help you in some small way!
All-Inclusive Deed of Trust: Also known as wraparound contact, a mortgage document
that includes amount actually financed as part of a property purchase as well as
amounts of any prior deeds of trust.
Amortization: Repayment of a mortgage loan through monthly installments of principal
plus interest; the monthly payment amount is based on a schedule that will allow you
to pay-off the principal end of a specific time period (for example, 15 or 30 years)
Amortization Schedule: A complete list of payments and the time the payments are due over the life of a loan. Each payment shows the corresponding portions paid for interest and to principal and reflects the changes to principal balance until the loan is paid-in-full.
Annual Fee: A flat yearly charge like a membership fee to a club
Annual Percentage Rate (APR): Calculated by using a standard formula, the APR shows
the cost of a loan; expressed as a yearly interest rate, it includes the interest, points,
mortgage insurance, and other fees associated with the loan.
