What is a “higher-priced mortgage loan?”
In general, a higher-priced mortgage loan has an annual percentage rate (APR) that’s higher than a specified amount over a benchmark rate called the Average Prime Offer Rate. None The Average Prime Offer Rate (APOR) is an annual percentage rate ...
The APR, or annual percentage rate, is the standard way to compare how much loans cost. It lets you compare the cost of loan products on an “apples-to-apples” basis. Your lender must disclose the APR before you agree to the ...
While there is no set definition of a payday loan, it is usually a short-term, high cost loan, generally for $500 or less, that is typically due on your next payday. Depending on your state law, payday loans may be ...
What is Guaranteed Asset Protection (GAP) insurance?
GAP is an optional product that is intended to cover the difference between the amount you owe on your auto loan and the amount the insurance company pays if your car is stolen or totaled. Standard auto insurance only pays ...
What is a Truth-in-Lending disclosure for an auto loan?
The federal Truth-in-Lending Act (TILA) requires lenders and dealers to provide you with certain disclosures – before you sign your contract – that explain your auto loan’s costs and terms. When you’re purchasing a car or vehicle, TILA requires that ...
How do I compare auto loan offers?
When comparing auto loan offers, look at the annual percentage rate, the interest rate, the length of the loan, and the total amount financed. When you’re shopping for any loan, it’s important to look at several options so you can ...
What is the difference between a loan interest rate and the APR?
A loan’s interest rate is the cost you pay to the lender for borrowing money. The Annual Percentage Rate (APR) is a measure of the interest rate plus the additional fees charged with the loan. Both are expressed as a ...
What is a Truth-in-Lending disclosure for a mortgage loan?
A Truth-in-Lending Disclosure Statement provides information about the costs of your credit. None Effective October 3, 2015, for most kinds of mortgage loans a form called the Loan Estimate replaced the initial Truth-in-Lending disclosure, and a ...
A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. None Mortgage loans are used to buy a home ...
Is there a law that limits credit card interest rates for servicemembers?
There are federal laws that set rate caps for service members, but no generally applicable federal law that limits the interest rate that a credit card company can charge. In most cases, the law of the state where the credit ...
When can my credit card company increase my interest rate?
Credit card companies can usually increase your interest rate if they give you 45 days of advanced notice, but there may be steps you can take to lower your credit card interest rate. None Your card issuer generally must give ...
Can they charge me interest on a charge I told them I did not make?
If you have given the card issuer written notice of the billing dispute, you do not have to pay the amount in dispute while the card issuer is investigating, and the card issuer cannot charge interest on that amount. None ...
How does my credit card company calculate the amount of interest I owe?
Many credit card companies calculate the interest you owe daily, based on your average daily account balance. Often card companies charge one interest rate for purchases and different interest rates if you use your credit card to get cash, to ...
Do I pay interest on new purchases after I get a zero or low rate balance transfer?
For most credit cards, if you carry a balance month to month, any purchases you make will accrue interest from the date of the transaction. This is true even if another balance you are carrying is not subject to interest ...
What is a grace period for a credit card?
A grace period is the period between the end of a billing cycle and the date your payment is due. None During this time, you may not be charged interest as long as you pay your balance in full by ...
What is a "daily periodic rate" on a credit card?
Some card issuers calculate interest on the account using a daily periodic interest rate. A daily periodic interest rate generally is used to calculate interest by multiplying the rate by the amount owed at the end of each day. None ...
What is the difference between a fixed APR and a variable APR?
The difference between a fixed APR and a variable APR, is that a fixed APR does not fluctuate with changes to an index. A variable-rate APR, or variable APR, changes with the index interest rate. None A fixed-rate APR or ...
What is a credit card interest rate? What does APR mean?
A credit card’s interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (APR). How can you avoid paying interest ...
Often card issuers charge one interest rate for purchases and different interest rates if you use your credit card to get cash, to write a check using your credit card account, or for other transactions. Your statement must show each ...
