An umbrella mortgage is a specific arrangement where one document encompasses one or more already existing mortgages registered on the same property.
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Terms starting with: U
Underpayment penalty
A penalty for not paying enough total estimated tax and withholding.
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Underwriting
To support or agree to a decision.
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Universal life insurance
Also known as universal life. This is permanent life insurance coverage where the premiums (less expense or administrative charges) are credited to an investment account. Periodic charges for life insurance coverage are then deducted from the investment account and income …
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Unsecured claim
A claim or debt where the creditor has no guarantee of repayment because collateral is not required from the borrower
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Unsecured debt
Debt that is not guaranteed by collateral is considered unsecure because there is no assurance for repayment.
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Unsecured loan
A type of loan that is given to a borrower without collateral.
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Up-front costs
Certain costs must be paid when signing a vehicle lease agreement before the dealership will release the vehicle to the buyer.
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Usurious rate
An interest rate that is unnecessarily high or well above legal rates.
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Usury
Usury is the act or practice of lending money and charging the borrower interest at an exorbitant or illegally excessive rate.
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