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Grace Periods

A description of the different grace periods and lengths associated with Members 1st loans.

Home Value

Home values are calculated from sold prices, public records of assessed value, and area real estate information. While these estimates can help planning a...

Index Rate

The index rate is used as a benchmark to calculate the interest rate plus a specified margin on a loan. Members 1st commonly uses the 26-Week Treasury Bill...

Inspections

An examination of property for various reasons (such as a termite inspection) to see if required repairs were made before funds are released, etc.

Interest Rate

Interest Rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding...

Late Fee

A late fee is assessed when the payment for a loan has not been received and the grace period has passed.

Lien

A legal hold or claim of a creditor on the property of another as security for a debt. Liens may be against real or personal property.

Lien Waiver

The written evidence from a contractor or supplier surrendering the right of lien to enforce collection of debt against a property.

Lienholder

A lienholder is a party or individual who has a lien or claim on property, car, or other asset. The claim is created by an agreement, such as a mortgage or...

Loan Coupons

Loan coupons contain your payment amount and due date associated with your loan and can be used to help...

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