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Downpayment Financial Glossary

What is it? The difference between the sales price of real estate and the mortgage amount.

Finance Term Definition Added By: Parker

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Other Similar Finance Terms:

Financial Term Change (%) is The share price change on the day, as a percentage.

Financial Term Escrow is A transaction in which a third party, acting as the agent for the buyer and seller, carries out instructions of both and assumes the responsibilities of handling all the paperwork and disbursement of funds.

Financial Term Assumed National Council Tax (ANCT) is The standard level of council tax for a Band D property (the middle of the range) if all the authorities spent at the level of their Formula Spending Share (FSS.)

Financial Term Term Assurance is This is life assurance which pays out the insured sum on the death of the policy holder providing it occurs within the policy term. This is a common method to protect the mortgage in the event of death and to ensure that the mortgage debt is repaid. The most common types of this insurance are Mortgage Protection or Level Term Assurance. Mortgage protection is normally used in connection with a capital and interest mortgage and the level of the insured cover reduces in line with the reduction in the mortgage debt. Level Term assurance is more likely to be used in connection with an interest only mortgage as the level of cover remains constant as does the mortgage debt. With Term Assurance cover there is no pay-out if the policyholder survives the policy term and the policy simply lapses with no value. This factor makes this type of cover relatively inexpensive.

Financial Term Lease is Contract in which we purchase the asset selected by you and convey the use of that asset to you for a specific period of time at a predetermined rate.