A fixed-rate loan is a type of financing arrangement where the interest rate remains constant for the entire term of the loan, providing borrowers with predictable monthly payments.
A loan package is a comprehensive set of documents and information submitted to a lender to apply for a loan. These documents usually include a loan application, financial statements, and other pertinent information.
Insurance typically required by lenders for borrowers with a down payment less than 20%, indemnifying the lender in the case of foreclosure.
A banking loan on which the interest is more than 90 days overdue. After this grace period has elapsed, the borrower becomes liable for late charges.
