 Posted: Tue Jun 21, 2005 4:27 am Subject: Debt Glossary for alphabet "R" |
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Hi,
I have enlisted all the major terminologies related to debt under alphabet R below -
Rate: When a lender grants a particular amount as loan to a borrower he also charges some amount as an interest rate either annually as Annual Percentage Rate (apr) or on a monthly basis. This is known as rate.
Real Financing Cost: Real financing cost comprises of consumer rates related to varied expenditure and fees along with the time period of the loan. The complete real financing costs also include your closing fees in context of your loan amount.
Refinancing: The process of clearing off one loan with the help of a fresh loan by the same individual is known as refinancing.
Repossession: When a borrower fails to repay a particular loan amount, the creditor in most cases seizes the collateral to make up the particular loss which the present loan is worthy of.
Regards
Roxette
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roxette
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