Are you planning to take some loan in the near future? If yes, then the entire procedure will be fairly simpler if you are aware of the following Loan Terminology. We have picked up some most common terminologies, which you will come across various times while you, are applying for a loan.
-> Principal the money that you have borrowed.
-> Interest the money or in simpler words the rent that you need to pay for the money that you have borrowed.
-> Borrower the person (you) who receives the loan.
-> Interest Rate – This is a percentage of the loan amount that you’re being charged for borrowing money. It is a re-occurring charge that you need to repay, in addition to the principal. Interest rate is always recorded in the promissory note.
-> Maximum repayment time – Your promissory note will state the maximum time that the you can take to repay the entire loan. Read the promissory note carefully.
-> Accumulated Interest Unpaid, your past due interest.
-> Adjustable Rate Mortgage (ARM) – A loan with an interest rate that changes over time in line with movements in the index.
-> Adjustment Period -The time...
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