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- Loan Agreement - |
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The loan agreement is the most important document to be read when taking out a loan. Signing the contract binds the borrower to the lender's terms and conditions as set out in the agreement. This usually means that the borrower is committed to paying back a predetermined amount every month, and that failure to pay will result in late payment charges. With variable rate loans, the way the monthly repayment is calculated is included in the agreement. Details of other charges must also appear in the agreement. Loan agreement documents will be much more long-winded than the basic facts given in the advertisements, but it is vital that the details are understood.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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