Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans
- Term Insurance
- A life policy that pays out upon the death of the life assured.
- Unsecured Debt
- Money borrowed without giving any collateral.
- Value Chain
- The sequence of business activities by which value is added to the products or services provided by the organisation.
- Value Inspection
- This is an inspection of a property before granting a mortgage.
- A brief inspection of a property for mortgage purposes.
- Valuation Fee
- The amount paid by a borrower to cover the costs of the valuation report.
- Variable Rate
- A rate of interest which may go increase or decrease during the life of the loan.
- Variable Interest Rate
- An interest rate that changes during the period of the loan, usually in relation to a standard index. The rate goes higher or lower based on market forces.
- Verification of Deposit
- This is part of the loan application process where a lender will ask a borrower's bank to sign a confirmation statement verifying the borrower's account balances.
- Verification of Employment
- This is part of the loan application process where a lender asks the borrower's employer for confirmation of the borrower's employment status and income.
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