Our Glossary provides definitions for several common terms you will likely encounter throughout the application and underwriting process.
Dexter Financial Glossary of Terms
Choose your glossary terms by clicking on the alphabetical index.
Interest that has accumulated since the last loan payment.
ACH (Automated Clearing House)
An automatic draw or draft made from a checking (or depository) account on a specific date each month.
An insurance term in which a party is named on the policy in addition to the actual policy holder.
Advance Payments (Up-front Payments)
Payments submitted before the agreement is started.
A schedule that shows a breakdown of the interest and principal portion of each payment and the principal balance remaining.
Equipment used in a laundry that is in addition to washers and dryers, e.g., change machine, soap vendor, laundry carts, folding tables, etc.
Property that has value regardless of whether or not you can see the property (tangible — e.g., an automobile) or not (intangible — e.g., contract rights).
The process of transferring an agreement from one party to another.
Audited Financial Statement
Financial statements that have been reviewed by an accountant and certified as accurate.