Glossary

Annual Percentage Rate EThe total finance charge shown as a percentage of the amount financed.
Collateral EPersonal property that's pledged as a guarantee that you will repay your loan.
Equity EIt is the difference between the current value and the outstanding liens (the legal right to hold property of another party) on a property.
Interest Rate EThe cost of borrowing money shown as a percentage over a one-year period.
Mortgage EA property pledge that is used as security or collateral for the repayment of a loan.
Payment Protection Insurance EInsurance that repays outstanding debt on a mortgage if the borrower cannot pay due to reasons such as ill-health, unemployment, or death.

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