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Loan-to-Value (LTV)

The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly...

Plans and Specifications

Architectural and engineering drawings and specifications for construction of a building or project. They include a description of materials to be used...

Prepayment Penalty

We here at Members 1st Credit Union are not familiar with this term. Why would a financial institution penalize you for making early payments? We certainly...

Repayment Period

When your HELOC draw period ends, you will no longer be able to access your funds and the 10- or 20-year repayment period...

Terms

A term is the duration of time you have agreed to repay a loan balance. In most cases, loans can be repaid quicker than the length of the term. Subsequently...

Variable Interest Rate

A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest rates change. As a result...

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