Question 1

What are digital wallets?

Accepted Answer

Digital wallets like Apple Pay, Google Pay, and Samsung Pay store your payment information securely on your phone. They use tokenization and biometric authentication for secure contactless payments at merchants.

Question 2

What is a mortgage?

Accepted Answer

A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. You borrow money from a lender and repay it over time (typically 15-30 years) with interest. If you fail to make payments, the lender can foreclose and take ownership of the property. Mortgages make homeownership accessible without paying the full price upfront.

Question 3

What are common bank statement abbreviations?

Accepted Answer

Common abbreviations include ATM (Automated Teller Machine), POS (Point of Sale), ACH (Automated Clearing House), DD (Direct Deposit), NSF (Non-Sufficient Funds), EFT (Electronic Funds Transfer), and CR (Credit) or DR (Debit).

Question 4

What is a down payment on a mortgage?

Accepted Answer

A down payment is the upfront cash you pay toward the home's purchase price. It's typically expressed as a percentage (e.g., 20%, 10%, 3%). A larger down payment reduces your loan amount, may eliminate mortgage insurance, lowers monthly payments, and can secure better interest rates. Minimum down payments vary by loan type.

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Frequently Asked Questions

What are digital wallets?

What is a mortgage?

What are common bank statement abbreviations?

What is a down payment on a mortgage?

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