Borrowed money that is repayable over a period longer than a year.
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Long term loan
based on the equity in primary home, client receives a lump sum in the amount of the
loan. Borrowers repay the loan with equal monthly payments over a fixed term.
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home equity loan
made by commercial lenders int he private sector. They conform to Fannie Mae and
Freddie Mac dollar limit requirements. For example in 2019, single family home might
have a conforming loan limit of $484,350.
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Conforming Loan or Conventional Mortgage loan
a.k.a. net worth statement, a.k.a. personal balance sheet is a profile of what is owned
(assets), what is owed (liabilities), and your client's net worth on a specific date
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Statement of financial position (net worth statement)
inlcude gross salaries and wages, interst and dividend income, rental income, tax
refunds and other amounts recieved by the client.
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inflows
, A loan for which the client merely promises to repay the debt in exchange for the
borrowed funds. In the event of default, lenders can take legal action but most often
will attempt to settle the debt for less than the amount owed. However, this will
negatively affect an individual's credit rating.
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Unsecured (signature) Loan
assets that may be quickly accessed by the client without the risk of a significant loss
to principal. Include checking, savings, money market deposit accounts, money
market mutual funds, and CDs that are less than one year.
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liquid assets
loan for which the creditor maintains a security interest in property, such as personal
property, which serves as collateral for the debt. If the debtor falls behind on the
secured debt payments, the lender can repossess the property that secures the debt.
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Secured Loan
mortgage in which the borrower makes fixed ;ayments, which are based upon the
established interest rate for a long term mortgage. Payments are only made for a
Give this one a try later!
Long term loan
based on the equity in primary home, client receives a lump sum in the amount of the
loan. Borrowers repay the loan with equal monthly payments over a fixed term.
,Give this one a try later!
home equity loan
made by commercial lenders int he private sector. They conform to Fannie Mae and
Freddie Mac dollar limit requirements. For example in 2019, single family home might
have a conforming loan limit of $484,350.
Give this one a try later!
Conforming Loan or Conventional Mortgage loan
a.k.a. net worth statement, a.k.a. personal balance sheet is a profile of what is owned
(assets), what is owed (liabilities), and your client's net worth on a specific date
Give this one a try later!
Statement of financial position (net worth statement)
inlcude gross salaries and wages, interst and dividend income, rental income, tax
refunds and other amounts recieved by the client.
Give this one a try later!
inflows
, A loan for which the client merely promises to repay the debt in exchange for the
borrowed funds. In the event of default, lenders can take legal action but most often
will attempt to settle the debt for less than the amount owed. However, this will
negatively affect an individual's credit rating.
Give this one a try later!
Unsecured (signature) Loan
assets that may be quickly accessed by the client without the risk of a significant loss
to principal. Include checking, savings, money market deposit accounts, money
market mutual funds, and CDs that are less than one year.
Give this one a try later!
liquid assets
loan for which the creditor maintains a security interest in property, such as personal
property, which serves as collateral for the debt. If the debtor falls behind on the
secured debt payments, the lender can repossess the property that secures the debt.
Give this one a try later!
Secured Loan
mortgage in which the borrower makes fixed ;ayments, which are based upon the
established interest rate for a long term mortgage. Payments are only made for a
