Glossary


Mortgage: A legal agreement expressing the conditional right to ownership of property or asset by the owner (mortgagor) to a lender also known as a mortgagee.

Lien: A lender’s security interest against the property or assets of a borrower that bars the sale or transfer of the said property without paying off the debt.

Loan term: The length of time for repaying the loan.
Security or collateral: An asset or property pledged to guarantee repayment of a loan, fulfillment of an obligation or in compliance of an agreement.

Guarantor: A guarantor is a co-signatory on the credit documents of an unsecured loan. A guarantor promises to pay back a debt in the event the borrower defaults.

APR(Annual Percentage Rate): The annual interest rate charged on credit card loans.

Prime rate: An interest rate commercial banks charge their credit worthy customers for borrowing funds.

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