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| | A Guide to Basic Loan TermsIf you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different terms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know more, then here is a guide to some of the basic loan terms you might need to know.
Advance
When you borrow money in the form of a loan, the money you receive is called an advance. The more money you want to borrow, then the bigger your loan advance. It is called an advance because you are getting the money in advance of paying for it.
APR
The APR, or Annual Percentage Rate, is the amount of interest you are charged on your loan amount. This amount is written as a percentage, and refers to the total you are charged each year. APR is one of the primary features for comparison between loans, as it is a standard measurement for all loans. The lower the APR, then the cheaper the loan interest will be.
Credit scoring
Credit scoring is a method that lenders use to determine your eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scored, and the better your score then the more likely you are to be accepted for a loan. If you score badly then you might be declined for the loan you want.
Secured loan
A secured loan is a loan that is backed by some form of collateral. Collateral is basically a high-value item that you use to secure the loan, so that if you cannot make repayments the lender can use this item to get their money. For secured loans, the collateral tends to be your home or other property. Secured loans have lower interest rates than unsecured loans, but you risk losing your home if you do not keep up with the repayments.
Unsecured loan
An unsecured loan is the opposite of a secured loan, and requires no collateral. Instead of collateral, your credit rating and earnings are more fully taken into account. The risk to the lender is greater, so the interest rates tend to be higher. That being said, they are less of a risk to the borrower and they are usually quicker to get hold of than a secured loan.
Loan term
The loan term is the agreed time over which you will repay the loan. You will repay the loan monthly over this period until the loan and interest is fully paid back. Loan terms on personal loans usually range from about 1 to 10 years, with mortgage loan terms being longer at around 15 to 25 years. The longer the loan term, the less your monthly payments will be, but the more you will have to pay back in interest over the years. |
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| After the Fall: Opportunities and Strategies for Real Estate Investing
by Steve Bergsman |  | In After the Fall, real estate expert Steve Bergsman offers a detailed look at the state of various market sectors including commercial, residential, and leisure real estate and provides direction as to where they are headed, so you can make the right decisions on property investments during the coming years. According to Bergsman, the next decade will produce multiple investment currents. This reliable resource will help you find the right current and stay the course for a long, profitable ride.
Publisher: Wiley (March 9, 2009)
Product Dimensions: 9.1 x 6.1 x 1 inches
Paperback: 201 pages | About the Author:
Steve Bergsman is a real estate, financial, and travel writer with more than twenty years' experience and visitations to 120 countries. His news stories and travel articles have been published in more than 100 publications around the world, and he has appeared on local and national radio and television. Bergsman is also the author of three previous real estate books, Maverick Real Estate Financing, Maverick Real Estate Investing, and Passport to Exotic Real Estate, all published by Wiley. |
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