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9 Cards in this Set

  • Front
  • Back

Arrears

Interest payment/payment for last month interest

Interest

What you pay a bank for a loan

PMI

Private morgage insurance /conventional loans

Default

The borrower does not live up to the terms of the contract

MIP

Morgage Insurance Premium /FHA loans

Primcipal

The original amount that is borrow

Discount Points

Money paid to the lendor to reduce the interest rate on a loan

Novation

Substitution of mew obligation for an old one

Usury

Charging a rate of interest in excess of the rate allowed by law