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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of A
Accrued Interest
* Interest that has increased or accumulated on a borrower's loan but not credited or paid. One example, the interest that accumulates on the unpaid * principal balance of a loan that has not been paid by you.
Glossary For This Page
(In Alphabetical Order)
* Interest
The cost you pay to borrow money from a lender, expressed as a percentage of the amount borrowed. The interest is calculated in the monthly payment you make to the lender.
* Principal
The amount of money borrowed or the amount of the loan that has not yet been paid back to the lender. This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is the amount owed on the loan at any given time.
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