Personal Finance

Form 1040 is the standard U.S. individual tax return form that taxpayers use to file their annual income tax returns with the IRS. read more

Form 1040-A of the Internal Revenue Service (IRS) was a simplified version of current Form 1040, and used by U.S. taxpayers to file an annual income tax return. read more

Form 1040EZ: Income Tax Return for Single and Joint Filers with No Dependents was the shortest version of form 1040, designed for taxpayers with basic or simple tax situations. read more

Homeowners seek 125% loans often as mortgage refinancing; the loans are worth 125% of their property's value to secure better interest rates. read more

With a 2-1 buydown, a borrower can get temporary discounts on the interest rates of their mortgage for the first two years of the term. read more

A 2/28 adjustable-rate mortgage (2/28 ARM) maintains a low fixed interest rate for a 2-year period, after which the rate floats semiannually. read more

A 3-2-1 buy-down mortgage allows the borrower to lower the interest rate over the first three years through an up-front payment. read more

A 3/27 adjustable-rate mortgage (ARM) is a 30-year home loan with a fixed interest rate for the first three years. read more

“341 meeting” refers to a meeting between creditors and debtors that is required to take place during the course of a Chapter 7 bankruptcy proceeding. read more

The 3-6-3 rule is a slang term that refers to an unofficial practice in the banking industry in the 1950s, 1960s, and 1970s that was the result of non-competitive and simplistic conditions in the industry. read more