Mortgage
Down payment
Trade-in
Rent to own agreement
Debt repayment plan
Balloon payment
Prepayment penalty
Preapproved loan
Refinancing
A large lump sum payment that must be paid at a set time.
Something of value applied towards the down payment of a new purchase
A contract on which a portion of the renter's monthly payment is applied towards the purchase price of the rented item.
A fee charged if you repay a loan before the agreed upon time.
A cash deposit towards the purchase price that is paid up front.
A strategy for paying off debt in a way that reduces the total interest paid
Paying off an existing loan with a new loan that usually has better terms
A loan used to purchase real estate
A loan for which a maximum amount is established and approved in advance
