Financial Institutions
Loans Part 1
Credit
Banking
Housing
100
The type of financial institution that is owned by its members.
credit union
100
A loan from a family member is an example of an __________ loan.
inexpensive
100
A credit cardholder who does not pay off his or her balance in full each month.
borrower
100
An entity (bank, finance company, credit union, business, or individual) to which money is owed.
creditor
100
Deposit money put in an account to secure purchase that will later be used to pay closing costs.
Escrow Account
200
A company that specializes in making higher-interest loans to borrowers that have below-average credit ratings.
finance company
200
A loan that is guarenteed to be repaid through safe collateral.
secured loan
200
The total dollar amount you pay to use credit.
finance charge
200
Which of the "five C's of credit" require that a person's assets exceed his or her liabilities?
capital
200
To have another person other tahn the original tenant take over a rental unit and payments for the remaining term of a lease.
sublet
300
An order to request that a bank or other financial institution not to cash a particular check.
stop-payment order
300
A higher interest rate is usually the trade-off for a ___________.
long-term loan
300
The cost of credit on a yearly basis, expressed as a percentage.
annual percentage rate (APR)
300
The complete record of a person's borrowing.
credit rating
300
A type of insurance that covers the loss of tenant's property as a result of damage or theft.
renter's insurance
400
An automatic loan made to an account if the balance will not cover the checks written.
overdraft protection
400
A long-term loan extended to someone who buys property.
mortgage
400
A time period during which no finance charges are added to a credit card account.
grace period
400
A _____________ endrosement allows you to trasfer a check to an organization or another person.
Special
400
Regulations that limit how property in a given area can be used.
zoning laws
500
The process of reducing the balance of a loan every time a payment is made.
amortization
500
A loan based on the difference between the current market value of a home and the amount still owed on the mortgage.
home equity loan
500
Credit cardholders who pay off their balances each month.
convenience users
500
In which type of bankruptcy does the debtor usually get to keep most of his or her property?
chapter 13 bankruptcy
500
A legal document that describes the conditions of a rental agreement is called a __________.
lease
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