job skills Flashcards
HELOC checks
These checks are similar to personal checks, but they’re linked to your HELOC account. You can make out a HELOC to whomever you want—an individual or company, for example. Once the payee cashes the check, the lender subtracts the amount from your HELOC’s credit limit.
HELOC stands for
home equity line of credit
What can I use HELOC checks for?
You can use a HELOC check for almost any purpose. A lender we contacted said it has no restrictions on how borrowers use HELOC checks or to whom they write the check. So you can make out the check to another person, use it for retail purchases, or pay off high-interest debt.
You can also use a HELOC check for a real estate transaction— a down payment on a home, for example—but you’ll likely need a cashier’s check at closing. Specific HELOC lenders can provide this.
conventional Loan
two types of conventional loan: conforming and nonconforming
conforming conventional loan
maximum loan amount follows guidlines set by Fannie Mae and Freddie Mac
non conforming conventional loan
less standardized loans and vary by lender
FHA loan
mortgage insured by a Federal Housing Association (low down payment options and lower credit score options)
VA Loan
government backed loans insured by veterans affair for service members
Fixed Rate mortgage
interest rate at a fixed rate throughout the life of the loan
What does ARM stand for
Adjustable rate mortgages
Adujstable Rate Mortgages (ARM)
initial fixed interest rate and subject to changes after a fixed rate period (5-6 yr ARM)
Mortgage
real estate loan with house as collateral
Navy Federal Credit Union
Exclusive to military members and their families, largest credit union, not for profit organization, money insured by national credit union administration
APR stands for
annual percentage rate
LLM stands for
large language model
