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Glossary

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A 
Annual Percentage Rate (APR)
The cost of credit on a yearly basis expressed as a percentage.

Application Fee
Fees that are paid upon application. An application fee may include charges for property appraisal and a credit report. Note: SunTrust Bank does not charge this fee for our home equity products.

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B
Balloon Payment
A lump-sum payment that you may be required to make under a plan when the plan ends. This payment will be substantially larger than each of the other scheduled payments.

 

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C
Cap
A limit on how much the variable-interest rate can increase or decrease during the life of the plan.

Closing Costs
Fees paid at closing, including attorneys' fees, fees for preparing and filing a mortgage, for taxes, title search, and insurance.

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I
Interest Rate
The periodic charge for use of credit expressed as a percentage.

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M
Margin
The number of percentage points the lender adds to the index rate to determine the Annual Percentage Rate to be charged.

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R
Rescission
A rescission period is required by the Federal Government to allow the property owner time to "think over" the loan transaction. This period is 3 business days (including Saturdays but excluding Sundays and holidays) between the loan closing and funds disbursement that applies when a security interest is taken in a consumer's principal dwelling. During this rescission period, the property owner has the right to cancel the loan transaction.

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S
Security Interest
An interest that a lender takes in the borrower's property to ensure repayment of a debt.
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Additional Information

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