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9 Cards in this Set
- Front
- Back
Arrears |
Interest payment/payment for last month interest |
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Interest |
What you pay a bank for a loan |
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PMI |
Private morgage insurance /conventional loans |
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Default |
The borrower does not live up to the terms of the contract |
|
MIP |
Morgage Insurance Premium /FHA loans |
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Primcipal |
The original amount that is borrow |
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Discount Points |
Money paid to the lendor to reduce the interest rate on a loan |
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Novation |
Substitution of mew obligation for an old one |
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Usury |
Charging a rate of interest in excess of the rate allowed by law |