Power of attorney

A power of attorney is a legal document that gives a person the right to act on behalf of another.

Market conditions

Market conditions are factors that affect the sale of a home in an area. Some market conditions are interest rates and unemployment.

Median price

The median price is the amount that falls in the middle of the total price of homes for sale in an area.

Late payment fee

A late payment fee is a fee that is charged to a borrower for not making a payment on time.

Debt instrument

A debt instrument is a document that states a borrower's obligation to repay the balance due.

Due date

The due date is the date a payment must be made by. If a payment is made after the due date, it's considered past due.

Credit report

A credit report is a document that shows an individuals credit history and current credit standing.

Ceiling

The ceiling is the maximum interest rate that can be charged on an adjustable rate mortgage.

Soft currency

Soft currency is currency whose value may depreciate quickly. It is also difficult to exchange into other currencies. It is the opposite of hard currency.