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.
The gold standard in deeds for home buyers: It proclaims that the grantor warranties (guarantees) that the property has clear title and is being conveyed free of liens or encumbrances.
A new mortgage that includes the remaining balance on an old mortgage, plus a new amount.
The intentional and voluntary giving up of rights or claims.
The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
A buyer's final inspection of a property, usually on the day of closing or the day before.
Wall Street Journal prime rate
The Wall Street Journal surveys large banks and publishes the consensus prime rate. It's the most widely quoted measure of the prime rate, which is a common benchmark for consumer and business loans set by banks, often at a level 3 percentage points higher than the federal funds rate. The prime rate will move up or down in lock step with changes by the Federal Reserve Board.
1. A document certifying clear title to real estate. 2. A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of miles or period.
When shares of a fund or stock or exchanged or redeemed at a loss and shares of the same (or substantially similar) asset are repurchased within 30 days before or after the original asset's sale. In this case, the taxpayer cannot claim a loss, but rather the loss is added to the basis of the most recently purchased similar security.
A term used to describe Web sites that allow users to generate content. Examples include blogs, Wikipedia, MySpace, YouTube, Facebook and LinkedIn.
Coverage for services aimed at maintaining good health. Could include such things as preventative care, health screenings or fitness programs.