Credit Cards
The maximum amount you can spend on your card before your purchase is declined.
What is a credit limit?
This is the amount of money you borrow that must eventually be paid back - not including interest.
What is the principal?
A mortgage financed at 65% for a 20-year term compared to 80% for a 30-year term.
What is financing difference for an investment property vs residential property.
This is a short-term credit arrangement that allows an account holder to withdraw more money than they have in their account.
What is an overdraft?
Four of the main documents required for every application.
What is Passport, Address Verification, Tie to Bermuda and Income Verification?
Paying only this small, required portion of your balance each month can lead to long-term debt due to interest.
What is the minimum payment?
The percentage of the loan you pay back for borrowing money.
What is interest?
The initial amount you pay upfront when buying a home - typically 20% of the purchase price.
What is a down payment?
The guide Dollar value for the $$ amount granted for an overdraft limit.
What is 1 month salary?
This document details the terms, interest rate, fees, and repayment schedule of a loan or mortgage.
What is an advice letter?
The interest rate that determines how much you'll pay on outstanding balances.
What is 21.95%?
This is collateral taken over a vehicle, giving the lender the right to take the asset if you do not pay.
What is a Chattel?
This type of mortgage has an interest rate that stays the same and gets reviewed every five years.
What is a fixed-rate mortgage?
The minimum and maximum term for a client to request an overdraft facility.
What is 3-6 months?
This document advises customers of interest increases should they default on their loan.
What is a promissory note?
This spreadsheet is used to establish your ability to get a certain limit for your credit card.
What is the Credit Point System?
Loans used to pay for higher education expenses are commonly known as.
What is student/education loans?
The detailed schedule showing how much of each payment goes toward interest and principal over the life of a loan.
What is an amortization schedule?
An overdraft account that does not go back in credit.
What is a hardcore overdraft.
This legal document transfers the property title to the lender as security until the loan is fully repaid.
What is a mortgage deed?
Some credit cards return a percentage of what you spend as points redeemable for travel.
What is the AAdvantage or British Airways travel point program?
Loan rate that can change over time based on market conditions.
What is purchasing Raw Land?
The rate which the customer must pay the overdraft facility back.
What is Base + 5%?
A professional, unbiased assessment of a property's or asset's fair market value, conducted by a qualified expert.
What is an appraisal?