GLOSSARY
OF TERMS - page C
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Closing
The specific time and place that all contracts associated
with the loan are executed.
Closing Costs
Expenses incurred by buyers and sellers in transferring ownership
of a property, such as taxes, appraisal fees, or document
fees. Also called settlement costs.
Collateral
Securities or property pledged to a lender to secure repayment
of a loan.
Credit Card
A card that enables the user to purchase goods and services
and obtain cash against a line of credit established by the
credit card issuer.
Credit Limit/Line Of Credit
The maximum dollar amount the credit card issuer has approved
for the cardholder's credit card account.
Credit Report
A detailed summary of your financial affairs prepared by a
third party, and usually reviewed by lenders when you are
applying for a loan. The report typically lists your outstanding
loans and credit cards, your former addresses and any lawsuits
in which you may have been involved. It will also indicate
whether you pay your bills on time.
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