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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.