Glossary

Appraised Value

An educated estimate of how much a property is worth. This is done by considering the recent home sales and values in the same area.

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Asset

Assets are things of value that a person possesses. Homes, cars, investments, and other things of value may be included in a person’s assets.

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Authorized User

This is someone who is granted allowance to make purchases on another person’s credit card. This person isn’t responsible for making payments on the debt,

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Available Credit

Available credit is the remaining amount you have left to use on your credit card. This is generally determined by taking the credit allowance and

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Balance

The amount owed on a credit card to pay off the balance. This is a total of the charges that have been made as well

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Balance Transfer

Transferring the balance on one credit card to another credit card. It’s common to receive special offers to transfer your balance to a different credit

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Balloon Payment

An alternative loan were the payments do not pay entire principle by the end of mortgage term. When the loan is complete the borrower must

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