var terms = new Array();
terms[0] = new Array("Adjustable Rate Mortgage (ARM)","A mortgage loan that allows the lender to adjust the rate periodically to reflect changes in market conditions. Your mortgage payments may adjust up or down as the interest rate changes, in accordance with a stated index and predetermined limits (or caps).
");
terms[1] = new Array("Amortization","The repayment of a mortgage loan with periodic payments of principal and interest, at the end of a fixed period of time.
");
terms[2] = new Array("Annual Percentage Rate","The interest rate that reflects the actual cost of credit on a yearly basis expressed as a percentage. Because the Annual Percentage Rate may include points and other costs associated with the loan, it more accurately reflects what you'll be paying, and allows you to compare different loans based on actual costs.
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terms[3] = new Array("Appraisal","An estimate of the fair market value of a home made by a professional appraiser.
");
terms[4] = new Array("Automated Clearinghouse (ACH)","A computer-based clearing and settlement operation, often operated by a Federal Reserve Bank, established for the exchange of electronic transactions among participating depository institutions. Such electronic transactions can be substituted for paper checks used to make recurring payments, such as payroll checks, loan payments, insurance premiums, etc.
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terms[5] = new Array("ATM (Automated Teller Machine)","Machines that allow the user to perform various banking transactions, including withdrawals and deposits.
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terms[6] = new Array("Caps","Percentage restrictions on an adjustable Interest Rate mortgage that limits the amount the interest rate may change per year and over the life of the loan.
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terms[7] = new Array("Certificate of Deposit (CD)","A deposit account that cannot be withdrawn from before a specified maturity date without being subject to an interest penalty for early withdrawal.
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terms[8] = new Array("Closed-end credit","Any loan in which the funds borrowed, plus any finance charges, is expected to be repaid in full over a definite time.
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terms[9] = new Array("Closing Costs","Fees paid at a mortgage closing. Fees may vary, but some examples include title insurance, attorney fees, appraisal fees, recording fees and taxes.
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terms[10] = new Array("Collateral","Property that is used to secure a loan or other credit and that becomes subject to seizure on default.
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terms[11] = new Array("Co-signer","Another person who signs for a loan and assumes equal liability for it.
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terms[12] = new Array("Debit card","A card that resembles a credit or ATM card, but which debits a transaction account (checking account) with the transfers occurring simultaneously with the customer's purchase. Generally, a debit card may be used at specified automated payment terminals, such as retail stores and gas stations, or at an ATM.
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terms[13] = new Array("Depositor's Insurance Fund (DIF)","Insurance afforded to depositors at certain banks, which guarantees against loss of funds in excess of the FDIC insurance.
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terms[14] = new Array("Direct Deposit","A method of payment, which electronically credits your checking, or savings account; most commonly, payroll and government checks.
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terms[15] = new Array("Electronic Fund Transfer System (EFTS)","A variety of systems and technologies for transferring funds electronically rather than by check. Includes Fedwire, ACH and other automated systems.
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terms[16] = new Array("Equity","The value of your home after the outstanding balance of any loans is subtracted. For example, if the borrower's home is worth $100,000 and the borrower owes $ 60,000 on the mortgage loan secured by the home, the borrower's equity is $ 40,000 or 40% equity in the home.
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terms[17] = new Array("Escrow Account","An account established with a mortgage lender in which a portion of the monthly payment funds is held to pay for taxes and insurance when they become due.
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terms[18] = new Array("Federal Deposit Insurance Corporation (FDIC)","An agency of the federal government that insure accounts at most commercial banks and mutual savings banks. The FDIC also has primary federal supervisory authority over insured state banks that are not members of the Federal Reserve System.
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terms[19] = new Array("Fixed Rate Mortgage","A mortgage with an interest rate that stays the same for the life of the loan.
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terms[20] = new Array("Good faith estimate","A document provided at application that provides estimates of all costs associated with obtaining and closing a mortgage loan.
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terms[21] = new Array("Interest","The amount the lender charges to lend you money, or the amount the depository institution pays you for funds you keep on deposit.
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terms[22] = new Array("Individual Retirement Account (IRA)","A personal retirement account, which allows the individual to defer taxes on earnings until withdrawn. Also, certain contributions may be tax deductible in the tax year for which they are made.
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terms[23] = new Array("Lien","An encumbrance on property that acts as security for the payment of a debt.
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terms[24] = new Array("Mortgage insurance","Insurance that protects the lender if the homebuyer defaults on the mortgage payments. Typically, Private Mortgage Insurance (PMI) policies are required if your down payment is less than 20% of the purchase price of the home.
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terms[25] = new Array("Open-end credit","A line of credit that may be used repeatedly up to a certain limit.
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terms[26] = new Array("Origination fee","The fee charged by a lender to prepare all the documents associated with your mortgage.
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terms[27] = new Array("Point of Sale (POS)","Terminals that allow you to pay for purchases with your debit card.
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terms[28] = new Array("Points","Prepaid interest on your mortgage, charged by the lender at the time of closing, that allows the borrower to obtain a lower Interest Rate. Each point equals one percent of the loan amount.
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terms[29] = new Array("Pre-approval","A conditional commitment by a lender based on all standard documentation except a property appraisal and title search.
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terms[30] = new Array("Pre-qualification","A process in which the loan officer calculates the housing-to-income ratio and the total debt-to-income ratio to determine an approximate maximum loan amount.
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terms[31] = new Array("Principal","The amount borrowed, not including interest.
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terms[32] = new Array("Transaction account","An account, which allows transfers to third parties, such as a checking account or NOW account at a bank or other depository institution.
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terms[33] = new Array("Truth-in-lending disclosure","Federal law requires that the lender must provide this document to the homebuyer within three business days after loan application. This disclosure gives details of the mortgage payments along with the corresponding Annual Percentage Rate and finance charges.
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terms[34] = new Array("Truth-in-savings disclosure","Federal law requires the financial institution to provide you with this document which gives pertinent details about your new account, your maturing CD or when you inquire about an account.
Click here for printable version
");
terms[35] = new Array("Variable Interest Rate","An interest rate that may fluctuate over the life of the loan. The Interest Rate is often tied to an index that reflects changes in market rates of interest. Limits (or caps) are often placed on the level to which Interest Rates can vary.
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terms[36] = new Array("Wire transfer","Electronic transfer of funds.
");
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else
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//this is the Netscape 6 fix
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if(over.innerHTML.length > 10){
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over.innerHTML=whichcontent;
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}