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All terms starting with "M"
A type of medical insurance in which care is monit … moreA type of medical insurance in which care is monitored by a central organization and the insured party can only visit certain doctors and hospitals.
POS insurance plans as well as the plans offered through HMOs and PPOs are considered managed care plans.
POS insurance plans as well as the plans offered through HMOs and PPOs are considered managed care plans.
A brokerage account in which an investor uses secu … moreA brokerage account in which an investor uses securities and cash holding as collateral for a loan from their broker. The borrowed money is then used to increase the size of your investment beyond your liquid spending power in order to magnify the potential profits.
The funds lent to an investor in a margin account accrue interest at a 3% - 8% rate until it is repaid. And, if the combined value of your securities and cash position falls too low, your broker may require to repay some of your debt in whatâ??s known as a â??margin call.â??
The funds lent to an investor in a margin account accrue interest at a 3% - 8% rate until it is repaid. And, if the combined value of your securities and cash position falls too low, your broker may require to repay some of your debt in whatâ??s known as a â??margin call.â??
If you don't pay your credit card bill on time, yo … moreIf you don't pay your credit card bill on time, you will be assessed a late fee.
Usually, late fees are tiered. For example,
-- $15 on balances up to $100
-- $29 on balances of $100 up to $250
-- $39 on balances of $250 and over
Given the tiered late fee structure of most credit cards, we recommend that you just focus on the 'Max Late Fee' (i.e. $39 on the above example) when comparing credit card offers.
Usually, late fees are tiered. For example,
-- $15 on balances up to $100
-- $29 on balances of $100 up to $250
-- $39 on balances of $250 and over
Given the tiered late fee structure of most credit cards, we recommend that you just focus on the 'Max Late Fee' (i.e. $39 on the above example) when comparing credit card offers.
The maximum fee you can be charged for exceeding y … moreThe maximum fee you can be charged for exceeding your credit limit. However, for consumer and student credit cards such a fee cannot be charged unless you have previously told your credit card company that you want it to approve transactions that will take you over your credit limit.
For small business credit cards, if you spend over your credit limit, you will usually get an 'Overlimit Fee'. You do not have the option to opt-in like you do with general consumer credit cards, though most major credit card companies will allow you to opt-out.
Sometimes, overlimit fees are tiered. When they are, we recommend that you just focus on the 'Maximum Overlimit Fee.'
For small business credit cards, if you spend over your credit limit, you will usually get an 'Overlimit Fee'. You do not have the option to opt-in like you do with general consumer credit cards, though most major credit card companies will allow you to opt-out.
Sometimes, overlimit fees are tiered. When they are, we recommend that you just focus on the 'Maximum Overlimit Fee.'
It means that your credit card balance is close to … moreIt means that your credit card balance is close to your credit line and therefore you can not charge much (or anything) on your credit card until you pay down your balance.
This is different than the Maximum Overdraft. Whil … moreThis is different than the Maximum Overdraft. While maximum overdraft is the limit of overdraft charges per day, the maximum extended overdraft is the maximum amount of negative account balance fees you will incur if your balance stays in negative for an indefinite time.
LTV percentage (Loan-to-Value percentage) expresse … moreLTV percentage (Loan-to-Value percentage) expresses the loan amount as a percentage of the total value. For example, if the value of a house is $100,000 and the loan amount is $80,000 then the LTV percentage is 80%.
The maximum LTV percentage indicates the largest loan you can take out relative to the value of the underlying asset (e.g. home, car, etc.). In other words, it tells you the minimum down payment you will be required to make. For example, if the maximum LTV is 80%, that means you need to place a down payment of at least 20%.
The maximum LTV percentage indicates the largest loan you can take out relative to the value of the underlying asset (e.g. home, car, etc.). In other words, it tells you the minimum down payment you will be required to make. For example, if the maximum LTV is 80%, that means you need to place a down payment of at least 20%.
A financial institution will only cover a limited … moreA financial institution will only cover a limited number of overdraft items, and assess a limited number of overdraft fees, per day. This limitation was set in place to prevent Overdraft Fees from stacking too high.
An examination that evaluates whether a person act … moreAn examination that evaluates whether a person actually qualifies for Chapter 7 bankruptcy.
Insurance that covers medical injuries when you, y … moreInsurance that covers medical injuries when you, your passengers or members of your household are injured in a car accident.
Even if you have other coverage for your injuries from a health insurance plan, medical payments insurance can pay the copays, coinsurance and deductibles of other forms of insurance.
Learn more about medical payments coverage.
Even if you have other coverage for your injuries from a health insurance plan, medical payments insurance can pay the copays, coinsurance and deductibles of other forms of insurance.
Learn more about medical payments coverage.
A debtor is obligated to attend a meeting with the … moreA debtor is obligated to attend a meeting with the trustee and then examined, under oath, about his/her assets and liabilities. Creditors may also attend.
Someone who sells goods or services. Many merchant … moreSomeone who sells goods or services. Many merchants allow you to pay with credit cards, charge cards, or debit cards. Some also offer gift cards good for in-store or online purchases from their establishment.
The least amount of money that you can have in a b … moreThe least amount of money that you can have in a bank account without incurring a monthly fee. Not all bank accounts have minimum balance requirements, but they have become increasingly common following the Durbin Amendment, which made checking accounts less profitable for banks. Of the bank accounts that do have some sort of minimum balance stipulation, some require that all accountholders maintain balances above this threshold in order to avoid a penalty fee, while other take a reverse approach, allowing consumers who meet balance requirements to avoid standard monthly charges.
One of the most important factors to garnering app … moreOne of the most important factors to garnering approval for a financial product is your credit standing, which is often encapsulated by your credit score. Most lenders use the FICO score, so if you know your FICO score, the following table will give you a good sense of how different scores match up with different credit standing classifications. If you don't know your credit standing, you can get a sense of what it's likely to be by using our Free Credit Estimator.
It's important to note that simply meeting the Minimum Credit Required does not guarantee acceptance, as a number of other variables such as income, job status and debt obligations may also come into play.
If your Credit Score (FICO Score) Is: | Then you have: |
---|---|
Above 720 | Excellent credit |
660 - 719 | Good credit |
620 - 659 | Fair credit |
Below 620 | Bad credit |
Less than 3 years of credit under your name (e.g. students, new to the country, divorcees) | Limited history / New to credit |
It's important to note that simply meeting the Minimum Credit Required does not guarantee acceptance, as a number of other variables such as income, job status and debt obligations may also come into play.
The amount you must pay your credit card company e … moreThe amount you must pay your credit card company each billing cycle, to keep your account out of default.
Some savings and checking accounts require you to … moreSome savings and checking accounts require you to start with at least a certain amount of money in order to be eligible to open an account. However, after you open your account, your account balance can fall below the amount of your initial deposit.
In some cases, accounts will also require that you have a minimum balance to avoid a monthly fee, which is almost always higher than the minimum to open.
In some cases, accounts will also require that you have a minimum balance to avoid a monthly fee, which is almost always higher than the minimum to open.
Many savings and money market accounts come with a … moreMany savings and money market accounts come with an ATM card (also known as a cash card or bank card) to allow easy access to your cash.
Some money market accounts even come with the added convenience of checks and/or a debit card. However transfers to a third-party by check or debit card are subject to a maximum of 6 per month under the Federal Reserve's Regulation D.
Some money market accounts even come with the added convenience of checks and/or a debit card. However transfers to a third-party by check or debit card are subject to a maximum of 6 per month under the Federal Reserve's Regulation D.
Alimony is a pre-determined contribution of money … moreAlimony is a pre-determined contribution of money to the spouse following a separation or divorce. These payments are also considered debt and included in the debt-to-income calculation.
Child support is an ongoing contribution of money … moreChild support is an ongoing contribution of money to help pay for the living and medical expenses of a child or children until they are adults. Such payments are also considered debt and included in the debt-to-income calculation.
Please provide us with an approximate value by whi … morePlease provide us with an approximate value by which your bank account balance increases each month.
A monthly contribution is a total amount that you … moreA monthly contribution is a total amount that you and your employer deposit each month in the selected investment account.
Monthly expenses include general living expenses s … moreMonthly expenses include general living expenses such as rent or mortgage, utilities, groceries, insurance, debt payments, etc.
This is a recurring fee that will be assessed ever … moreThis is a recurring fee that will be assessed every month that your account is open. It is also referred as a Monthly Maintenance Fee or Monthly Membership Fee (MMF).
This is a monthly fee that is charged to maintain … moreThis is a monthly fee that is charged to maintain an account. Many banks waive this fee if you maintain a balance above a certain threshold (i.e. minimum balance).
Your monthly payment only includes the interest ch … moreYour monthly payment only includes the interest charges for the month plus the principal amount required in order to pay-off the loan by the end of the loan term. Your actual monthly payment will be higher if you include property taxes, homeowner's insurance and homeowners association dues, if applicable.
The interest rate each month, expressed as 1/12th … moreThe interest rate each month, expressed as 1/12th of the Annual Percentage Rate.
The bill you receive each billing cycle. The month … moreThe bill you receive each billing cycle. The monthly statement accounts for all transactions made during the billing cycle, and the back of the statement usually describes some of the basic terms of your credit card agreement or loan. Also detailed on the monthly statement are purchases, payment(s), credit limit, available credit and finance charges.
A mortgage is a lien on a property or house that 1 … moreA mortgage is a lien on a property or house that 1) secures a loan and 2) is repaid in installments over a set time period.
Also known as Private Mortgage Insurance, or just … moreAlso known as Private Mortgage Insurance, or just PMI, mortgage insurance protects lenders against financial losses caused by a borrower's inability to pay off a home loan. Federal law requires mortgage insurance for any home loan with a Loan-to-Value (LTV) ratio above 80% because borrowers who are unable to place a down payment of at least 20% are considered to be especially at risk of default.
While lenders are the ones who benefit from mortgage insurance, they typically require borrowers to fit the bill and factor it into the loan's monthly payment or ask for a lump-sum payment upfront. Borrowers may request that a mortgage insurance plan be cancelled once they've paid off 20% of their home's value, but lenders reserve the right to require it until the borrower reaches 50% equity.
While lenders are the ones who benefit from mortgage insurance, they typically require borrowers to fit the bill and factor it into the loan's monthly payment or ask for a lump-sum payment upfront. Borrowers may request that a mortgage insurance plan be cancelled once they've paid off 20% of their home's value, but lenders reserve the right to require it until the borrower reaches 50% equity.
People generally take out a mortgage for one of tw … morePeople generally take out a mortgage for one of two reasons: 1) to purchase a home or 2) to refinance an existing home loan. For those looking to refinance, another important consideration is whether their new loan will be for an amount equal to, higher or lower than the value of their current mortgage.
Mortgages are designed for a specific purpose, so before you submit an application, you need to make sure you're applying for the right type of home loan for your needs.
Mortgages are designed for a specific purpose, so before you submit an application, you need to make sure you're applying for the right type of home loan for your needs.
Indicates not only the length of time in which you … moreIndicates not only the length of time in which you are required to pay back your mortgage in its entirety, but also whether its interest rate will be fixed, variable or a mixture of the two. Some of the most common types of mortgages are 30-year fixed mortgages and 5/1 ARMs.
Fixed rate mortgages, like the 30-year fixed mortgage, have the same interest rate for the entire term, which could be any number of years.
Variable mortgages, more commonly known as adjustable-rate mortgages (ARMs), all have 30-year terms and offer a fixed interest rate for the first few years before switching to a variable interest rate that depends on either the Libor Rate or the Prime Rate. For example, a 5/1 ARM is an adjustable rate mortgage that has a fixed interest rate for the first 5 years and a variable interest rate that changes on an annual basis for the remaining 25 years.
Fixed rate mortgages, like the 30-year fixed mortgage, have the same interest rate for the entire term, which could be any number of years.
Variable mortgages, more commonly known as adjustable-rate mortgages (ARMs), all have 30-year terms and offer a fixed interest rate for the first few years before switching to a variable interest rate that depends on either the Libor Rate or the Prime Rate. For example, a 5/1 ARM is an adjustable rate mortgage that has a fixed interest rate for the first 5 years and a variable interest rate that changes on an annual basis for the remaining 25 years.
There are four main types of mortgages: conventio … moreThere are four main types of mortgages: conventional loans, FHA loans, VA loans, and RHS loans.
Conventional loans may be either Conforming or Jumbo. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac and the loan amount is below the conforming limits of $417,000 ($625,500 for Alaska, Hawaii, Guam, and the Virgin Islands). On the other hand, a Jumbo mortgage is a loan with a loan amount above the conforming limits. Jumbo Mortgages typically have higher interest rates than conforming loans.
An FHA loan is insured by the FHA (Federal Housing Administration). It allows for a low down payment and helps make it easier for lower income Americans to get a mortgage.
VA loans are guaranteed by the U.S. Department of Veterans Affairs, which allows veterans (and their surviving spouses who are not remarried) and service persons to obtain home loans up to $203,000 easier and with better terms, usually a lower APR and no down payment.
Rural Housing Service (RHS) loans are guaranteed by the U.S. Department of Agriculture, which allows rural residents to obtain a mortgage with minimal closing costs and without the need for a down payment.
Conventional loans may be either Conforming or Jumbo. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac and the loan amount is below the conforming limits of $417,000 ($625,500 for Alaska, Hawaii, Guam, and the Virgin Islands). On the other hand, a Jumbo mortgage is a loan with a loan amount above the conforming limits. Jumbo Mortgages typically have higher interest rates than conforming loans.
An FHA loan is insured by the FHA (Federal Housing Administration). It allows for a low down payment and helps make it easier for lower income Americans to get a mortgage.
VA loans are guaranteed by the U.S. Department of Veterans Affairs, which allows veterans (and their surviving spouses who are not remarried) and service persons to obtain home loans up to $203,000 easier and with better terms, usually a lower APR and no down payment.
Rural Housing Service (RHS) loans are guaranteed by the U.S. Department of Agriculture, which allows rural residents to obtain a mortgage with minimal closing costs and without the need for a down payment.