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17 Cards in this Set
- Front
- Back
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Advance-fee loan
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A type of loan that includes a large upfront fee
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Annual fee
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A yearly charge to your account for membership
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Balloon payment
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A large lump-sum payment that must be paid at a set time
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Billing cycle
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Time period during which you must make your payment
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Consideration
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Something of value exchanged for something else of value
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Equity
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Difference in the property's value and what you owe on it
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Eviction
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The process of expelling a tenant from rented property
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Grace period
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The amount of time you have to pay your credit card bill without having to pay interest on new purchases
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Market value
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The highest price a property will bring on the open market
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Mortgage
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A long-term debt agreement used to purchase real estate
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Preapproved loan
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A loan for which a maximum amount is established and approved in advance
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Prepayment penalty
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A fee charged if you repay a loan before the agreed-upon time
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Refinancing
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Paying off an old loan by taking out a new loan
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Rent-to-own agreement
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A contract in which a portion of the rent payment is applied toward the purchase price of the rented item
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Security deposit
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A refundable amount paid to cover possible damages to property caused by a tenant
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Trade-in
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Something of value applied toward the down payment of a new purchase
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Unused credit
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Difference between your credit limit and current balance
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