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What does APR stand for and what does it mean?

APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.

Can the interest rate on my loan contract be changed?

You may be able to change your interest rate if your contract is set up that way. The best way to find this out is to talk to a professional to see if the change is valid.

What is the difference between revolving loans and installment loans?

A revolving loan is one that is automatically renewed upon maturity. An installment loan is one that you pay at a certain specified rate. Example: Monthly, weekly, bi-weekly, annually.

What is home equity?

Home equity is the difference between the market value of your home and the amount you have paid towards that value.

Do credit bureaus approve me for a loan?

Credit bureaus provide lenders with copies of your credit report. This is what most lenders base the decision on whether they are going to grant you credit or not. Credit bureaus do not make the decision for the lenders. It is up to that lender to decide what the acceptable criteria is for them.