Personal Finance

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Terms in Personal Finance

Form 1040: U.S. Individual Tax Return

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: U.S. Individual Tax Return

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

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

125% Loan

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

2-1 Buydown

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

2/28 Adjustable-Rate Mortgage (2/28 ARM)

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

3-2-1 Buy-Down Mortgage

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

3/27 Adjustable-Rate Mortgage (ARM)

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

“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

3-6-3 Rule

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

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