interest payment on a loan
31payment — The fulfilment of a promise, or the performance of an agreement. A discharge of an obligation or debt, and part payment, if accepted, is a discharge pro tanto. In a more restricted legal sense payment is the performance of a duty, promise, or… …
32accrued interest — Interest earned between the most recent interest payment and the present date but not yet paid to the lender. Chicago Board of Trade glossary Interest that has been earned but not yet paid. For example, the interest earned by a bondholder between …
33loan — {{Roman}}I.{{/Roman}} noun ADJECTIVE ▪ large, massive ▪ small ▪ long term, short term ▪ high interest, interest free …
34Loan agreement — A loan agreement is a contract entered into between which regulates the terms of a loan. Loan agreements usually relate to loans of cash, but market specific contracts are also used to regulate securities lending.Loan agreements are usually in… …
35payment — noun 1 paying/being paid ADJECTIVE ▪ immediate (esp. BrE), prompt ▪ late ▪ penalties for late payment of tax ▪ early (esp. BrE) ▪ …
36Loan Lock — The securing of a specified interest rate on a mortgage that is in the process of being approved. A loan lock establishes the interest rate that a borrower will pay as long as the loan closes before the end of the lock period. Lock periods… …
37Interest Shortfall — Any interest that has not been paid after the loan payments have been paid. An interest shortfall occurs when the loan accrues interest that has not been figured into the actual immediate payment. Adjustable rate mortgages have interest… …
38Payment Shock — The risk that a loan s scheduled future periodic payments may increase substantially. Payment shock can be the result of several things, including the expiration of an initial or temporary start interest rate (sometimes known as a teaser rate),… …
39Loan Purpose — Pertaining to mortgages and their risk based pricing factors, the loan purpose factor is sub categorized by purchase, Rate term refinance and cash out refinance.Lenders assess that a purchase loan contains the least amount of risk and thus price… …
40Interest Rate Swap — An agreement between two parties (known as counterparties) where one stream of future interest payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that …
