Fixed Rate Mortgage - A mortgage that has a fixed interest rate for the entire term of the loan as long as ontime payments are being made, Grace Period - The number of days between a borrower's statement date and when payment is due, often without accruing interest, Installment Loan - Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal, Mortgage - A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front, Schumer Box - A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees, Secured Debt - Debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made, Collateral - Something valuable that the lender can take as payment if you can't or don't repay your secured loan, AnnualPercentageRate - The cost you pay each year to borrow money, including fees, expressed as a percentage, Amortization - The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest, Credit Card - A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest,

Types of Credit

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