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Glossary of Terms

Brush up on your terminology. Start with the ones below.

APR (Annual Percentage Rate)
How much it costs you to borrow from the bank. Essentially, it is a percentage of the money you borrowed that you will be paying to the bank every year.
The amount borrowed or the amount still owed on a loan, separate from interest.
Home Equity
The percent of your home that you own and can borrow money against.
Fixed Rate
A secure and stable rate for the entire life of the loan. Your payments will stay the same, leaving no room for surprises.
Variable Rate
Fluctuates depending on the market. It is useful if you plan to play off a debt quickly, while rates are still low.
The paying off of debt with a fixed repayment schedule in regular installments over a period of time.
LTV (Loan-to-Value)
A ratio that is calculated by dividing the remaining loan balance by the present market value of your home.
Debt Consolidation
A smart option that combines several higher interest debts into a single, new loan at a lower rate.
Replace an existing loan with a new loan offering better terms.