Banking & Financial Services Final Fall 2024

Front

Most bank loans are _____ loans.

Back

installment

Front

Which of the following is the largest part of a consumer's FICO score? payment history, outstanding debt, length of credit history, types of credit used

Back

payment history

Front

A mortgage loan in which the interest rate may change over the life of the loan

Back

adjustable-rate mortgage (ARM)

Front

Several fees that are applied when a mortgage is signed

Back

closing costs

Front

A borrower’s property that is pledged to secure a loan

Back

collateral

Front

Occurs when a borrower fails to meet the terms of a loan agreement

Back

default

Front

A credit rating used by lenders to predict an applicant’s ability and willingness to repay loans

Back

FICO score

Front

A mortgage loan in which the interest rate stays the same for the entirety of the loan’s term

Back

fixed-rate mortgage

Front

A type of closed-ended loan for a large amount of money that is repaid in smaller amounts over a specified period of time

Back

installment loan

Front

Money temporarily transferred to a borrower in exchange for repayment and interest

Back

loan