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Financial Terms GlossaryWhen speaking with a professional during the loan process, the ‘jargon’ or, language for that particular profession, may sometimes be over the borrowers head. For this reason, it is imperative to familiarize yourself with the wording found in important legal and binding documents, before signing on the dotted line. A glossary of financial terms should be available to you from your lending institution, or depending upon the depth of your involvement with lending institutions and the frequency on which you may borrow, you may opt to google a dictionary specifically addressing financial terms. Borrower’s will find that a glossary of financial terms could provide them with a better understanding of the terms and conditions they are entering into and it will also allow them an opportunity to compare and contrast the differences in their options of loan choice, that may go undisclosed to them in an initial meeting. Even for some highly educated individuals, financial terms and definitions can be confusing and misleading, if left without a financial terms glossary. It should also be noted that each institution may use different finance terminology. For instance, a financial terms glossary used for private properties, will differ from a glossary used for business loans. A small example may be that a 500,000 pound housing loan is called a JUMBO loan, where as a 500,000 pound loan to buy a house for rental purpose may be classified as a small business loan, and the APR for each loan will more than likely vary. Lender’s should have an interest in making the loan agreement comprehensive for the borrower, but many times this professional courtesy is gone ignored. While traditional loans obtained from banks are usually several pages in length, some borrower’s tend to grow weary in the process and pay no attention to the wording and small print, which is legally required for explaining loan terms and conditions. Not thoroughly reading the documents could prove to be a crucial mistake on the part of the borrower, as a financial terms glossary could assist in explaining various loan options, and make the lender aware that they are dealing with an informed consumer. With this being the ‘Age of Information’ and taking into consideration the current global financial climate, it is advised that borrower’s seriously take full advantage of reliable internet sites to further their understanding of financial terms and lingo. |
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