Term
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Definition
| one that is usually made by a bank or institutional lender and that is not insured or guaranteed by a gonvernment entity or agency, such as FHA or VA |
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Term
| traditional conventional loan |
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Definition
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Term
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Definition
| reductino of the balance of the loan by paying back some of the principal owed on a regular basis |
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Term
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Definition
| one for which total payments over the like of a loan pay off the entire balance of principal and interest due at the end of the term (self-liquidating) |
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Term
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Definition
| anytime a monthly payment is not sufficient to cover the accrued interest from the previous month |
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