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.

Home Equity Line of Credit (HELOC)

A home equity line of credit (often called HELOC) is a loan in which Members 1st agrees to lend an amount of money within an agreed period (called a term)...

Home Value

Home values are calculated from sold prices, public records of assessed value, and area real estate information. While these estimates can help planning a...

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...

Inspections

An examination of property for various reasons (such as a termite inspection) to see if required repairs were made before funds are released, etc.

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.

Loan Coupons

Loan coupons contain your payment amount and due date associated with your loan and can be used to help...

Loan-to-Value (LTV)

The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly...