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Loan Terms



Lender:
a person, company, or institution that lends money in the form of either a credit or loan that has repayment terms and normally, an interest charge. The borrower is obligated for the full repayment of the debt (plus interest) to the lender.


Monthly Payment:
monthly installments that are made to pay off the principal and the interest over the loan term.


Amortize:
paying off your loan over its term by making regular installments or payments.


Personal Line of Credit:
this is a type of unsecured loan that allows you access to funds that are up to a fixed credit limit.


Mortgages:
a loan that is common among homeowners, this is a secured loan used to pay property. In this case, the purchased real estate is the collateral.


Interest:
the amount that a lender charges for a loan.


Depreciation:
the loss of value on an asset over time. Cars are a good example of depreciation.


Home Equity Loan:
this type of loan is secured and for a fixed amount. You use your home as a collateral, in which case the bank may take away your home if you are unable to pay back. In some case, the interest on this type of loan may be tax-deductible. You should see your tax accountant for further details as to whether this applies to your home equity loan.


Principal:
the amount of the loan.


Liabilities:
the money you are obligated to pay back; in other words, your debts.




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