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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
Amortization
A term used to describe the process of paying off a loan over a predetermined period of time at a specific * interest rate. The amortization of a loan includes payment of interest and a portion of the outstanding * principal balance during each payment cycle. (When you make monthly payments that cover both the principal and interest, you are amortizing the loan)
Glossary For This Page
(In Alphabetical Order)
* Interest Rate
The percentage of a sum of money charged to the borrower by the lender for borrowing the lender's money.
* 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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