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Co-Borrower

Any additional borrower(s) whose name(s) appear on loan documents and whose income and credit history are used to qualify for the loan. Under this...

Collateral Protection Insurance (CPI)

Collateral Protection Insurance (CPI) pertains to a situation that occurs when your vehicle insurance changes or lapses during the life of a vehicle loan...

Combined Loan-To-Value (CLTV)

Combined Loan-To-Value ratio (CLTV) is the proportion of loans (secured by a property) in relation to its value. The term "Combined Loan To Value" adds...

Compound Interest

Compound interest is the interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition...

Construction Contract

An agreement between a general contractor and an owner/developer stating the specific duties the general contractor will perform according to blueprints...

Construction Loan Draw

A partial disbursement of the construction loan based on the schedule of payments in the loan agreement.

Courtesy Pay

Members 1st offers Courtesy Pay to all members with accounts in good standing. Courtesy Pay consists of a line of credit to be drawn upon when funds...

Credit Card

A credit card is a revolving line of credit from which the cardholder can borrow money for payment to a merchant or as a cash advance. Any purchases or cash...

Credit Worthiness

An assessment of the likelihood that a borrower can fulfill his or her loan (debt) obligations. It is based upon factors, such as his/her history of...

Daily Periodic Rate

A daily periodic interest rate is calculated by dividing the annual percentage rate, or APR, by either 360 or 365. The...

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