Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
A gradual increase in mortgage debt that happens when the monthly payment does not cover the entire principal and interest due. The shortfall is added to the remaining balance to create "negative" amortization.
No-doc or low-doc loan
These no-documentation or low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants with money in foreign countries or for borrowers who cannot or choose not to reveal information about their incomes. You need a substantial down payment, excellent credit history and will usually pay a higher interest rate.
The document giving evidence of mortgage indebtedness, including the amount and terms of repayment.
National Automobile Dealers Association
A trade organization that publishes the NADA Official Used Car Guide, which provides retail prices for most used cars to consumers, and provides trade-in values in a confidential list to dealers.
A bank chartered by the federal government and a mandatory member of the Federal Reserve System.
National Do Not Call Registry
A nationwide list of consumer telephone numbers that most telemarketers cannot call for five years. Telemarketers must purge their calling lists of registered numbers every 31 days. Consumers can enroll for free by calling (888) 382-1222 or going online to www.donotcall.gov.