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Financial Glossary

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Savings certificate (CD)Investing an amount for a specific time and rate; early withdrawal penalties may apply.
Second mortgageHome loan that has secondary right to a property, after the first mortgage.
Secured loanLoan where borrower must provide collateral.
Short SaleThe acceptance of less than the full payoff of a loan, when the property is being sold to another party.
Simple interestDividends paid on principal savings without compounding.
StatementPeriodic report of account activity or record of funds owed.
Step-up certificate (step-rate certificate)Savings certificate with a one-time option to upgrade to a higher rate.
Subprime mortgageHigh-rate home loans for borrowers with lower credit scores and higher associated risk. Desert Schools does not offer "subprime" products.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union