Financial keywords

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Bankruptcy
When you file a petition of bankruptcy, you acknowledge that you are insolvent, or unable to pay your debts. If you file for Chapter 7, or liquidation bankruptcy, most of your assets are sold to repay the debts. A court-appointed trustee oversees settling creditor claims, which are usually not repaid in full. However, some debts are not reduced by a declaration of bankruptcy, including past due federal income taxes, alimony, and higher-education loans.

Bankruptcy | Details |

Capital
Capital is any asset that is used to generate income or make a long-term investment. For example, the money you use to buy shares in a mutual fund is considered capital. So is the money you use to make a down payment on a house. Businesses use capital, which is often money from loans or earnings, for reinvestment, expansion, and acquisitions.

Capital | Details |

Discount rate
The discount rate is the interest rate charged by the Federal Reserve on loans it makes to banks and other financial institutions. The discount rate becomes the base interest rate for most consumer borrowing as well, since a bank generally uses the rate it pays to borrow the discount rate as a benchmark for the interest it charges on the loans it makes. For example, when the discount rate increases, the interest rate lenders charge on home mortgages and other loans increases as well. And when the discount rate decreases, the cost of consumer borrowing generally decreases as well.

Discount rate | Details |

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Eurocurrency
Eurocurrency is any major currency that is deposited by a national government or corporation headquartered outside the country where the bank receiving the funds is located. For example, Japanese yen deposited in a British bank is considered eurocurrency. Eurocurrency is used in international trade and to make international loans.

Eurocurrency | Details |

Fannie Mae
Fannie Mae has a dual role in the US mortgage market. Specifically, the corporation buys mortgages that meet its standards from mortgage lenders around the country and packages those loans as debt securities, which it offers for sale on the open market. By making money available to lenders, the corporation makes it possible for more potential home owners to borrow at affordable rates. Sometimes described as a quasi-government agency because of its special relationship with Washington, Fannie Mae is a shareholder-owned corporation whose shares trade on the New York Stock Exchange (NYSE).

Fannie Mae | Details |

Finance charge
The interest you pay on money you borrow, plus certain fees for arranging the loan, is known as a finance charge. The term also refers to the interest you owe on outstanding balances on your credit cards.

Finance charge | Details |

Financial institution
Any institution that collects money from the public and puts it into assets such as stocks, bonds, bank deposits, or loans, rather than into tangible property (such as real estate or an automobile), is considered to be a financial institution.

Financial institution | Details |

Fixed rate mortgage
A fixed rate mortgage is a long-term loan you use to finance a real estate purchase, typically a home. Your borrowing costs and monthly payments remain the same for the term of the loan, no matter what happens to market interest rates. This consistency is one of a fixed rate loans most attractive features, since you always know exactly what your mortgage will cost you.

Fixed rate mortgage | Details |

Guarantor
If lenders are concerned about your income, your credit history, or other risk factors when you apply for a loan, they may require a guarantor, or cosigner, who signs the loan with you and agrees to pay your debt if you default. For example, lenders may fear that your income may not be high enough to meet your payments if you encounter any unexpected financial setbacks.

Guarantor | Details |

Interest
The term interest is used in several different ways. Interest is the cost of using the money provided by a loan, credit card, or line of credit, usually expressed as a percentage of the amount borrowed and pegged to a specific period of time. For example, the interest on your mortgage may be 8.25% annually, or you may pay 1.2% interest monthly on the unpaid balance of your credit card purchases.

Interest | Details |

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