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What are the six steps of credit granting process?
Application: The process starts with the customer submitting a credit application to the lender. Evaluation: The lender assesses the applicant's creditworthiness based on factors like credit history, income, and debt levels. Decision: The lender decides whether to approve or deny the credit application. Terms: If approved, the lender sets the terms of the credit agreement, including interest rates and repayment schedule. Disbursement: The credit is issued to the borrower once the terms are agreed upon. Monitoring: The lender continues to monitor the borrower's creditworthiness and repayment behavior throughout the loan term.
Is oxygen electron lender or borrower?
Oxygen is generally considered an electron acceptor, or "borrower," in chemical reactions. In many reactions, such as combustion and respiration, oxygen gains electrons from other elements or compounds, facilitating oxidation. This behavior is primarily due to its high electronegativity, making it a strong oxidizing agent.
What is the meaning of hypothecation charge?
A hypothecation charge refers to using an asset as collateral for a loan without transferring ownership of the asset. The lender has a claim on the asset in case the borrower defaults on the loan.
What is a morage bond on fixed property?
A mortgage bond is a type of loan secured by real estate property. When a borrower takes out a mortgage, they agree to repay the loan amount plus interest over a specified term, using the property as collateral. If the borrower fails to make payments, the lender can foreclose on the property to recover the outstanding debt.
What is an Aztech recognition agreement?
When a lender finances a coop purchase there is an Aztech Recognition Agreement. The lender agrees to recognize and give the coop corporation the first lien on the unit. Three copies are signed by lender, purchaser, and coop board. In other words the coop gets their maintenance that is in arrears before the lender can foreclose when someone defaults on their loan.
What is ordinary time in simple interest?
Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.
Is potassium a lender or borrower?
lender
Is there legal notification of foreclosure from mortgage company or bank?
Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.
If lender mistakenly signs over auto title to borrower and borrower sales title who is libel?
A borrower should not have a title in their possession that they have borrowed money against. This belongs with the lender. Should the borrower sell the car, they would be libel.
What is a borrower's opposite number?
a lender, possibly.
Who said the borrower is slave to the lender?
Solomon
Can you explain how collateral works for a loan?
Collateral for a loan is an asset that a borrower pledges to a lender as security for the loan. If the borrower fails to repay the loan, the lender can seize the collateral to recoup their losses. This reduces the lender's risk, making it easier for the borrower to obtain the loan.
How to release the co borrower from responsibility from the loan?
The lender is the only one that can release a borrower. If a lender is going to release 1 borrower from the loan they will need to have a good reason. There is little incentive for the lender to do so. A practical alternative for most people is to refinance the property in the name of the person who is going to remain the owner and the borrower.
Who are the original parties to the promissory note?
The borrower and the lender.
Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
What is a legal mortgage?
A legal mortgage is a security interest granted to the lender by the owner of property as a condition of the loan. A note details the specifics of the money being loaned to the borrower. The mortgage refers to a security interest which the borrower grants the lender. The lender takes the security interest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home).
Who is the Grantor on a mortgage loan?
The borrower is the grantor, the lender is the grantee.
