Loan Financial Glossary
What is it? An advance of funds evidenced by a promissory note and requiring the recipient to repay the specified amount(s) under prescribed conditions.Finance Term Definition Added By: Luke
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Financial Term Private Mortgage InsurancePMI is Insurance that protects a lender against loss during the period when there is no equity in a home and the down payment is less than 20 percent of the purchase price. It is paid for by the home buyer.Financial Term Index is A statistic that indicates some current economic or financial condition. The term, payment, interest rate, or principal amount of a long-term loan may be adjusted periodically according to a specific index. The index and the manner of adjustment are generally stated in the loan contract.
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