glossary

GLOSSARY

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Unrecorded deed

Document that transfers title to property, but which is not filed with a county recorder.

Unscheduled recast

Unscheduled recast is a recalculation of payments due on a loan that's triggered by something other than the passing of time since funding. Unscheduled recasts are usually triggered by certain events, which would be specified in the loan documentation. Negative amortization mortgages are subject to unscheduled recasts; when the balance reaches an upper limit on the negative amortization, a recast is triggered. In this case, the recast will increase the payment amount substantially.

Unsecured

Unsecured describes a loan that's not supported by collateral. Unsecured debt is riskier for the lender, because there's little recourse available if the borrower doesn't repay as promised. A traditional credit card is unsecured.

Unsecured claim

Claim or debt for which a creditor holds no special assurance of payment, unlike a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.

Unsecured debt

Debt that is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt, which is a main reason why their interest rate is higher than other forms of lending, such as mortgages, which employ property as collateral.

Unsecured loan

Advance of money that is not secured by collateral.

Unsecured personal loan

An unsecured personal loan is a debt obligation that's made based on the integrity and credit history of the borrower; no collateral is taken by the lender. Generally, an unsecured personal loan is structured with a fixed-rate and fixed payment amount. The funds can be used for business start-up, debt consolidation, or even college tuition.

Up-front costs

Costs that must be paid at the time of signing a car lease agreement. These can include the first month's payment, a refundable security deposit, a capitalized cost reduction or down payment, taxes, registration and other fees.

Upgrades

Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.

Upside down

An unwanted financial position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property.

Upzoning

A controversial process of changing the zoning in an area, usually to allow greater density or commercial use. This term can also be used to mean the opposite: changing the zoning in a broad area to limit growth and density.

US Department of Urban Housing and Development

The federal department that formulates and enforces housing policy and governs the Federal Housing Administration.

Usage data

Usage data is information related to how a customer navigates through the pages of a website. This data can be used to improve the information flow on the website, and to help advertisers understand how their ad is being shown.

Use tax

Use tax is an assessment placed on goods purchased in another state where no sales tax is charged. If an individual purchases an item outside of his residence state and doesn't pay sales tax, that person's home state may charge a use tax if the item is going to be used in the home state. The use tax rate is generally equivalent to the home state's sales tax rate.

Useful life

Useful life refers to the length of time in years that a depreciable asset will be productive. The IRS defines useful lives for most business assets, including computers and vehicles. The useful life determines how the asset is depreciated, which in turn affects the business's taxable income.