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Mortgage Basics

Shore Financial Glossary

Shore Financial Glossary

We’ll admit that sometimes it’s hard to get your head around the best methods and options for your financial position when faced with new lingo. We’ve put together a list of our top terms for you to understand before embarking on any financial decision making.

Bad debts: Money that is owed that is unlikely to be paid in the foreseeable future.

Accrued interests: Interest calculated and added to the interest amount payable, not yet paid.

Assets: A list of what an individual currently owns such as real estate, savings, cars, home contents and super.

Home Equity: The value of a home not subject to any lenders interest. This is calculated at the price of the home minus the remaining mortgage.

Lenders Mortgage Insurance: A form of insurance taken out by the lender to safeguard the bank in the event of a loan going into default.

Offset account: An account linked to a home loan. The balance held in this account offsets the balance in the home loan helping to reduce the interest paid.

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