HUMS 202 Lecture Notes - Lecture 2: Predatory Lending, Savings Account, Annual Percentage Rate
1 Nov 2016
School
Department
Course
Professor
Document Summary
Credit-ability to borrow money now, and pay it back at a later time. Loan-money that you borrow from a lender and promise to pay back on a set schedule. Home loan is made for purpose of buying a home. It is secured by the home you are buying. A cash-out refinance loan allows you to borrow more money than is owed on the laon being replaced. Homeowners often refinance their home loans to obtain a lower interest rate, to get meony for home repairs, or for other personal needs such as investments: home equity. Fees may be charged by financial institutions for activities such as reviewing your loan application. They may also charge you a penalty fee if you violate the terms of the loan agreement. Ie. a lender might charge a late fee when you do not pay your bill on time.
