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Loan Terms & Definitions

Loan Terms & Definitions

Interest Rate – Interest rate is the cost of borrowing money as a yearly percentage. Annual percentage rate (APR) includes fees and points you pay for a loan. The annual percentage rate is usually higher than the interest rate, which will increase the monthly payment.

Property Insurance – Also called homeowner’s insurance, property insurance protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. Lenders require homeowner’s insurance coverage to protect the collateral that secures their loan. Some homeowner’s insurance policies do not cover catastrophic events such as tornadoes, hurricanes or floods. These kinds of events generally require a separate insurance policy.

Property Tax – Property taxes are also called real estate taxes. These taxes are paid to the local taxing authority or municipality.

Term – The period of a loan, generally measured in years. Auto loans generally range between two and five years. Mortgage loans generally 15 or 30 years.

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