| Auto loan: |
All auto loans that have not been paid off. |
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| Boat / RV: |
All boat and recreational loans that are outstanding. |
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| Other loan: |
Loans on items such as appliances and furniture. |
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| Credit cards: |
All credit cards with outstanding balances. |
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| Other accounts: |
Includes bank loans such as lines of credit. |
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| Interest Rate: |
The amount of interest charged on a monthly loan payment; usually expressed as a percentage. |
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| Length of Loan: |
The number of years required to pay off the principal and interest of the loan. |
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| Upfront Costs: |
Costs incurred for certain processing expenses in connection with making a real estate loan. |
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| Discount Points: |
Interest Charges paid up-front when a borrower closes a loan. A point is equal to 1 percent of the loan amount (e.g. 1.5 points on a $100,000 mortgage would cost the borrower $1,500). Generally, by paying more points at closing, the borrower reduces the interest rate of his loan and thus future monthly payments. |
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| Tax Rate: |
The income taxes you pay expressed as a percentage of your gross income. |
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