Underwriting: The process of fact checking to establish whether or not a lender wishes to loan money to the consumer requesting credit. Mortgage lenders, credit card companies, insurance companies, auto and consumer lenders all have underwriters who review the loan or credit application and supporting documentation in order to approve or decline credit.

Unsecured Loan: A loan using just your promise to repay the debt; no property is pledged or collateralized. An example would be Mom & Dad loaning you money to buy a car. You qualify for the loan because of who you are. When it isn’t Mom or Dad loaning the money a great credit score and business relationship with the lender is usually needed!

Up Front Costs: In car lease agreements, the amount of cash needed to initiate a lease. Those fees associated with the up front fees include the security deposit, down payment, taxes and registration, and any lease origination fees.

In real estate loans, up front fees might be appraisal fees, credit report fees, application fees, or additional loan fees.

Upside Down: A condition of owing more on a house or car than that house or car is worth at the present time. This can be due to over paying for the property but most often is due to depressed market conditions in real estate in a given area or a recession in the economy.