Personal Finance

A debt instrument, secured by collateral of specified real estate property. The borrower is obliged to pay back with a predetermined set of payments.

Mortgage type where the borrower pays the same interest rate for the life of the loan.

The monthly principle and interest payment never changes from the first payment to the last.

The interest rate is fixed for an initial term then fluctuates with market interest rates.

Monthly payments are unpredictable after the initial term.

A type of consumer debt that allows homeowners to borrow against the equity in their home. The loan amount is based on the difference between the home's current market value and the mortgage balance due.

The legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.

A type of loan for seniors ages 62 and older. It allows homeowners to convert their home equity into cash income with no monthly mortgage payments.

A type of funding based on financial need and it does not need to be repaid unless you do not complete the requirements.

A type of gift aid that is awarded based on merit, need, or criteria.

A type of aid that allows a student to earn money while enrolled in a school that can be used to pay for educational and other expenses.

Monetary deposits secured for later, undetermined use. A liquid investment.

Financial institution that takes your money and deposits it, and will loan out a portion of these savings to people who apply for them.

Financial institutions that ONLY provides services to their members. The members control and own the institution. It typically has higher savings rates and lower loan rates.

A "focused bank". Instead of providing a wealth of services, it deposits and concentrates on savings and mortgage loans. Typically have higher interest, but less availability to their money.

Financial institutions that will give out small loans in return for a portion of an upcoming paycheck.

Financial loans that require you to pawn the title of your property (typically your vehicle) to get a loan. There is no grace period, so as soon as you do not repay your loan, your pawned property will be taken.

The commitment of money or capital to purchase financial instruments or other assets in order to gain profitable returns in form of interest, income, or appreciation of the value of the instrument.

A type of investment where you have a form of ownership in a corporation. Typically best for making a lot of money in a short period of time.

A collection of various investments (stocks, bonds, and other securities).

A type of security that tracks an index, sector, commodity or other assets, but can be purchased or sold on a stock exchange the same way regular stock can.

Type of security that has a promised rate of interest, but can only be retrieved after a specific amount of time.

A savings account with tax advantages that individuals can save and invest long-term.

The individual retirement account allowing a person to set aside after-tax income up to a specified amount each year.

Retirement fund where the employer contributes a pre-tax amount, meaning they reduce taxable income, but the withdrawals will be taxed.

An employer-sponsored retirement savings account that is funded with after-tax dollars. This means that withdrawals are not taxed.

An employee benefit that commits the employer to make regular contributions to a pool of money that is set aside in order to fund payments made to eligible employees after they retire

interest is determined annually with the original loan

future interest determined with the existing amount owed

The number used to determine one's credit worthiness, and your credit score.

A measure of a variety of factors, but is basically the attempt to determine whether you can pay back a loan properly.

The tax rate increases as the taxable income increases. A common example is income tax.

A tax that is applied at a fixed AMOUNT, which has a bigger burden on lower incomes that middle & high incomes.

A tax applied at a fixed PERCENTAGE. A common example is sales tax.

A relatively small amount of money a person or businesses pay for insurance.

health

D. goods purchased for their personal use

D. people with college degrees usually  earn more than those with less  education

A. payday loan company

B. their education level

Document with your personal information, credit history, and inquiries (sources that have requested this document).