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Today's Terms
Interest rate
Definition:
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Discount point
Definition:
Normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan.
Deed-in-lieu
Definition:
To avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.
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