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Definitions (68)

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adjustable rate mortgages


A mortgage having an interest rate that varies depending on the change in some outside standard such as prime rate, interest rate on United States Treasury securities, or the Inflation rate. The lender can increase or decrease the interest rate on the mortgage at specified intervals based on changing market conditions. The mortgage agreement specif [..]
Source: tn.gov

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amortization


The gradual and systematic reduction of debt by equal periodic payments. Such payments generally must be sufficient to recompense current interest due during the repayment period and to repay the entire principal by the time the loan reaches maturity. An amortization schedule is a table that shows the amounts of principal and interest due at regula [..]
Source: tn.gov

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annual percentage rate


The rate required by Truth in Lending laws. It is designed to show customers the total cost of credit, including the stated interest rate plus certain finance and service charges.
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applicable federal rates


The statutory interest rate that must be charged for most loans and installment agreements to avoid imputation of income under the Internal Revenue Code. The Treasury Departments determine three applicable federal rates monthly based on the current market yields on outstanding obligations of the
Source: tn.gov

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federal government with similar maturities. the federal short-term rate is applicable to transactions having terms of three years or less the federal midterm rate is applicable to transaction having terms of three to nine years


The charge for estimating the value of property offered as security.
Source: tn.gov

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automated clearing house


A computer-based clearing and settlement operation, often operated by a Federal Reserve Bank, established for the exchange of electronic transactions among participating depository institutions. Such electronic transactions can be substituted for paper checks used to make recurring payments such as mortgages, or in direct deposit distribution of fe [..]
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balance inquiry


A basic function usually provided by home banking programs by which consumers can use a phone, personal computer or other electronic device to determine their balance of funds in a bank account.
Source: tn.gov

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bankruptcy


State of insolvency or an organization--in other words, an inability to pay debts. There are two kinds of legal bankruptcy under the U.S. law: involuntary, when one or more creditors petition to have a debtor judged insolvent by a court; and voluntary, when the debtor brings the petition. In both cases, the objective is an orderly and equitable set [..]
Source: tn.gov

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borrower


Any legal entity that obtains funds from another for a period of time. In the case of an extension of credit, the borrower usually signs a note as evidence of the indebtedness.
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certificate of deposit


A form of time deposit at a bank or savings institution; a time deposit cannot be withdrawn before a specified maturity date without being subject to an interest penalty for early withdrawal. Small-denomination CDs are often purchased by individuals. Large CDs of $100,000 or more are often in negotiable form, meaning they can be sold or transferred [..]
Source: tn.gov


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