Payment - Law Dictionary Search Results
fully funded
fully funded : having financial resources adequate to meet current retirement plan payments even in the event of bankruptcy
fixed-rate mortgage
fixed-rate mortgage a mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are
escalator clause
clause 1 : a clause in a contract that provides for an increase in the amount of the payments made under the contract to reflect an increase in costs or the raising of a government-imposed cap on
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duration
duration the number of years it will take to receive the present value of all future payments on a security to include both principal and interest. Source: U.S. Department of Housing and Urban Development
discount point
lender gives up a number of percentage points in interest to give you a lower rate and lower payments for part of the mortgage term (usually for one year or less). After the discount period, the ARM
debt service
debt service : the amount of interest and principal payments due annually on long-term debt
cost of living clause
living clause : a clause in an agreement (as a collective bargaining agreement) that provides for increase of payments (as wages) made under the agreement in some proportion to the increase in the cost of living
mortgage-backed security (mbs)
(mbs) a Fannie Mae security that represents an undivided interest in a group of mortgages. Principal and interest payments from the individual mortgage loans are grouped and paid out to the MBS holders. Source: U.S. Department of
contract
the deed to the property or otherwise continues to have an interest in it until the buyer makes payments in installments equal to the full purchase price or as much of the purchase price as agreed upon
collateral source rule
the amount of damages to be paid to a plaintiff by a defendant will not be reduced by payments received by the plaintiff from other sources (as medical insurance)
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