Credit Cards
This is how often a credit card statement is issued to a customer each year
What is monthly
An Auto Loan is an example of this type of lending product
What is an installment loan.
This is the main source for how Americans are currently paying for college
What are Parents
This the most common length of time for a mortgage to be approved at
What is 30 years
Credit Cards typically have this sort of interest rate
What is a variable rate
On average, this is the amount of time you have to pay off your balance before interest kicks in on your credit card
VIN stands for this term needed to apply for an auto loan
Vehicle Identification Number
You should complete a FAFSA at this time of year?
What is after October 1st
If a downpayment amount is an issue, this type of loan product can be used to lower that down payment but at a higher interest rate
What is an FHA loan
Auto loans typically have this sort of interest rate
What is a fixed rate
APR is short for this banking definition
What is Annual Percentage Rate
In order to figure out your Finance Charge on an auto loan you would need these two figures from the bank or dealer.
What is Interest Charges and Fees
This type of student loan has interest that starts accruing once the loan has disbursed and continues to accrue until it is paid in full
What is an unsubsidized loan
Lenders will typically require this on a property prior to any approval of a mortgage
What is an appraisal
The longer the loan term causes this to happen to your interest rate.
What is increases in value.
When using your credit card for online purchases, a customer should ensure the web address contains this phrase:
HTTPS:
A borrower may elect to do this in order to lower their total loan amount, monthly payment and paid interest
Make a higher down payment
This action allows students to temporarily postpone payments under certain conditions where interest is NOT accruing
What is a payment deferment
DAILY DOUBLE
To determine an accurate monthly mortgage payment you would need to know these two amounts along with your home value
What are property taxes and home-owner insurance
What is a credit report
To breakdown your credit score, 35% of the score is determined by this characteristic
What is Payment History
(DAILY DOUBLE!!!)
When you close on an auto loan, this is the document you should always keep handy in order to review your agreement.
What is your Promissory Note
This action can be taken to reduce chances of a late payment on your student loan
What is setting up an Automatic Draft Payment
When checking Zillow.com or Redfin.com the bolded value for each home is called this term.
What is the estimated market value
(Daily Double)
Credit Reports can be found on these three bureaus of informationWhat is Equifax, Experian and Trans-Union