Related Words

Loan Amortization Schedule: The timetable for repaying the interest and principal on a loan.

Policyholder Loan Bonds: Packaged loans acquired by policyholders that are secured by the cash surrender value of the policies, and are offered by a broker/dealer as bonds.

Portfolio Loan: A loan originated and maintained by the lender and not sold in the secondary mortgage market.

Prime Loan: A loan offered to borrowers with better credit history (sometimes called 'A' loans). Prime loans generally are priced lower and cost the borrower less.

Policy Loan: A loan often made at a below-market interest rate from an insurance company to a policyholder that is secured by the cash surrender value of a life insurance policy.

Project Loan Certificate (PLC): A primary program of Ginnie Mae for securitizing FHA-insured and coinsured multifamily, hospital, and nursing home loans.

Planned Amortization Class (PAC): (1) The class of CMO that has the most stable cash flows and the lowest prepayment risk of any class of CMO Because of a stable cash flow, it is considered the least risky CMO (2) A CMO bond . . . View Full Definition

Payment Schedule: This information on the Truth in Lending Disclosure Statement shows the amount of the first loan payment, the amount and number of the regularly scheduled payments (usually monthly), the amo . . . View Full Definition

Personal Loan: Loans available from banks and other financial institutions to private individuals for personal use such as the purchase of a motor vehicle, holiday or similar item are personal loans. Repay . . . View Full Definition

Piggyback Loans: A loan divided into two parts with one lender taking a secondary security position.