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You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A
to Z for terms beginning with that letter
K
L
Late payment fee
a fee charged for failing to submit
the minimum monthly payment by its due date.
Loss leader
low interest rate enticements are offered
by many card issuers in order to encourage you to apply
for their cards.
M
Monthly periodic rate
the most common interest rate factor
used to calculate the interest charges on a monthly
basis. The factor is computed by dividing the yearly
rate by 12.
N
O
Over limit fee
a fee charged for exceeding your credit
limit.
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