A Consumer Reporting Agency (CRA), also known as a Credit Rating Service, collects, maintains, and provides consumer credit information to third parties to assist in evaluating creditworthiness.
A Credit Union is a nonprofit financial institution that is federally regulated and owned by the members or people who use its services. Credit unions serve groups with a common interest, and only members may use the available services.
A fixed-rate mortgage, or FRM, is a loan secured by real property featuring an interest rate that remains constant for the term of the loan. It contrasts with an adjustable-rate mortgage (ARM) in that the interest rate does not fluctuate based on market conditions or an index.
A home loan, often synonymous with 'mortgage', is a type of loan specifically used for purchasing real estate property. The borrower is required to pay back the loan over time, typically with interest, and the property usually serves as collateral.
A loan is an arrangement in which one party borrows money from another party, often through formal agreements that detail the terms of repayment.
The amount owed on a debt, whether it is the original face amount or the remaining unpaid debt on a loan that has been partially amortized.
A promissory note is a financial instrument that contains a written promise by one party to pay another party a definite sum of money, either on demand or at a specified future date.
