Deed

The document by which title to real property is transferred or conveyed from one party to another.

Dividend Rate

Dividend Rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding...

Fixed Interest Rate

A fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed-rate period of the loan. This allows the borrower to...

Floor Rate

An interest rate floor is the minimum interest rate possible for an interest rate associated with a loan.

Grace Periods

A description of the different grace periods and lengths associated with Members 1st loans.

Index Rate

The index rate is used as a benchmark to calculate the interest rate plus a specified margin on a loan. Members 1st commonly uses the 26-Week Treasury Bill...

Late Fee

A late fee is assessed when the payment for a loan has not been received and the grace period has passed.

Lien

A legal hold or claim of a creditor on the property of another as security for a debt. Liens may be against real or personal property.

Lien Waiver

The written evidence from a contractor or supplier surrendering the right of lien to enforce collection of debt against a property.

Lienholder

A lienholder is a party or individual who has a lien or claim on property, car, or other asset. The claim is created by an agreement, such as a mortgage or...