|
|
- Adjustable Rate Mortgage (ARM)
- A mortgage loan where the interest rate on the note is adjusted based on an index. Payments made by the borrower may change over time with the changing interest rate.
- Annual Percentage Rate (APR)
- The effective annual interest rate of a loan, taking into account the effect of compounding interest and one-time fees.
- Annual Percentage Yield (APY)
- The effective annual rate of return of deposit accounts (savings accounts, CDs) taking into account the effect of compounding interest.
- Average daily balance computation method
- Interest is calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balancing in the account for each day for the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly.
- Compound Interest
- Interest accrued during a specific period of time is added to the principal.
- Equity
- Equity is the value of a property or business after subtracting any amounts owed such as mortgages, claims, liens, etc.
- E-Statements
- Environmentally friendly Electronic Statements delivered to you online. These E-Statements are just like your original paper statements and notices, but are available immediately and accessible from wherever you are in the world with a computer and secure internet connection. You can find more information or sign up to add E-Statements to your existing account here.
- Interest Rate
- The rate paid (or received) per period. It is expressed as a percentage of the sum borrowed or invested. Interest rates do not take closing costs or interest compounding into account.
- Principal
- The amount of a loan, or amount invested, not including interest.
- Secured Loan
- A secured loan is a loan in which a borrower pledges an asset such as a home or car that may be sold if the borrower is unable to repay the loan.
- Unsecured Loan
- A loan for which there is no collateral required. The loan is backed up only by the promise of the borrower to repay.
|
 |
