If you are going to get a loan prepare yourself to be bombarded by all sorts of financial jargon. We find terms like “Agreement in Principle” and “Adjustable Rate Mortgages” to “Credit History” and “Equity Release”. No matter how you look at it, getting a loan is like getting a whole new education. If you feel that you have a decent command over the English language, just try asking a mortgage salesman for loan advice. Once it is all over, you might just come home feeling like a truck full of financial jargon crashed into you.
However, it really is not all that difficult when you look at the basics. For instance, “Agreement in Principle” is simply a roundabout way of describing the agreement that is made between the lender and the borrower regarding the amount of money that will be lent. To a large extent, this amount would rely on aspects like your credit history, the collateral that you are offering, and your current income among other things.
Are you already feeling a little overwhelmed by all this jargon? Why don’t I just simplify things a little more for you? Credit history refers to whether or...
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