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| Underwriting |
The procedure when a loan application is evaluated to assess a lenders' risk involved with making a loan to a borrower. The underwriting process includes analyzing your application, your credit history, and the quality of the property that you are purchasing to determine whether or not to approve you for a loan. |
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| Unsecured Loan |
The loan a lender makes to a borrower that is not backed by collateral. |
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| Upfront Costs |
The expenses a borrower incurs when closing a home loan. These costs include a down payment amount, any prepaid taxes, insurance and interest, the underwriting fees of the loan, and fees for the title search, appraisal, credit report and deed recording. |
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| Upside-Down |
When you take out a car loan, there is normally a period of time where you owe more on the car than what the car is worth. This is referred to as being "upside-down" on your auto loan. This happens because your car depreciates in value due to age and wear and tear and during the early years of your auto loan, you're mostly paying interest so the balance on your car loan is remains the same while the value of the car is going down. |
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