Across
- 3. a loan that is not specifically secured by collateral (may be referred to as a personal loan or signature loan) (2 Words)
- 7. special form that lenders must send to applicants to inform them of the reasons that a request for credit was denied (3 Words)
- 8. standards that assign point values
- 11. a credit score generated by the Equifax Credit Bureau (2 Words)
- 12. the difference between the amount of the credit line or limit, and the amount that has already been borrowed; amount considered readily available for withdrawal or for direct purchases (2 Words)
- 14. process of systematically paying down the principal balance of a loan so that the principal and interest are fully paid by the end of the loan term
- 15. a type of mortgage or vehicle loan underwriting ratio, dividing the principal amount of the loan by the appraised value or sales price of the property or vehicle (2 Words)
- 17. a number or percentage that sets the amount above the index rate at which a lender sets adjustable-rate loan interest (3 Words)
- 18. a published number or percentage used to determine rates on adjustable-rate loans
- 20. an interest rate that is not subject to change during the life of a loan (2 Words)
- 22. a type of loan underwriting ratio that divides total monthly debt obligations by total monthly income(2 Words)
- 23. a distinct location on a disclosure form or note where disclosures for closed-end lending are provided (2 Words)
- 25. various preselected criteria based on statistical formulas to predict the likelihood that borrowers will repay their loans (3 Words)
- 26. a loan that refinances the balances from multiple loans into one loan (3 Words)
- 29. a loan used primarily for personal, family, or household reasons; made to individuals; and for $30,000 or less, except if secured by real property or a dwelling (2 Words)
- 30. a statistically derived number that provides a snapshot of a person’s credit risk based on data in their credit history (2 Words)
Down
- 1. the first day that interest begins to accrue on a loan (2 Words)
- 2. any property that is considered real estate, with or without a dwelling on it (2 Words)
- 4. the last day of the loan term when full repayment is due (2 Words)
- 5. the amount of money borrowed
- 6. the difference between a property’s value and the owner’s current indebtedness on loans secured by the property
- 9. a contract that gives the lender a security interest in property used as collateral for a loan (2 Words)
- 10. a document issued by a state to identify the owner of a motor vehicle (including cars, trucks, boats, recreational vehicles)
- 11. a type of loan that does not fully amortize over its term, requiring a large payment at the end of the term to pay off the remaining principal (2 Words)
- 13. any additional person whose name appears on loan documents; whose income and credit history are used to qualify for the loan; and who has ownership in the property securing the loan(may be referred to as co-maker or joint applicant)
- 16. extension of credit without a maturity date that may be repeatedly accessed and repaid up to the credit limit (2 Words)
- 19. a legal form filed with a state agency to give notice that a specified property may secure a loan with the lender who filed the document (2 Words)
- 21. the cost of borrowing money expressed as a percentage of the principal (2 Words)
- 24. a person or entity who holds a lien (2 Words)
- 27. the failure to fulfill a legal obligation
- 28. one-time extension of credit with a definite term and maturity date (2 Words)