AUGUSTINIAN TIME: Saint Augustine's idea of eternity, in which eternity and the afterlife are not an endless linear continuation--like a book with infinite pages or a story that never ends--but rather a state of timelessness, in which no time ever passes at all--a frozen snapshot of joy that lasts forever but which cannot undergo progression, alteration, or further development. Augustine inherited a tradition in Greek philosophy in which perfection would be an absolute. If something is perfect, by definition it cannot be improved further. Thus, any change that occur in a state of perfection would render that state imperfect. But if change happened to God or to heaven, wouldn't that force the already-perfect state to become imperfect?
The bark of the stem is about 1.3 cm thick, gray or brownish gray, the sapwood white; the unseasoned heartwood has a pleasant and strong aromatic fragrance and a beautiful golden-yellow colour, which on seasoning darkens into brown, mottled with darker streaks.
AMBAGE (back formation from ambi + agere, "to drive both ways", pronounced in a manner that loosely rhymes with "damage"): or designed with an eye toward deceiving or confusing the audience. In the plural, several such instances are ambages. See discussion under .
A type of insurance, also known as accident and health insurance, that makes payments on the loan if you become ill or injured and cannot work. See also .
An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. Also commonly referred to as a consumer reporting agency or a credit reporting agency. See also .
Loans made, insured, or guaranteed under any program authorized by the Higher Education Act. Loan funds are used by the borrower for education purposes.
Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA).
Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. See also .
A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.)
A reverse mortgage is a special home loan product that allows a homeowner aged 62 or older the ability to access the equity that has accumulated in their home. The home itself will be the source of repayment. The loan is underwritten based on the value of the collateral (home) and the life expectancy of the borrower. The loan must be repaid when you die, sell your home, or no longer live there as your principal residence. See also .
A negotiable instrument—principally a check—that has been sent to one bank for collection and payment and is returned unpaid by the sending bank.
For example, if your statement cycle date was January 10 and the bank received your payment on January 20, there were ten days for which interest accrued. This amount will be posted on your next statement. See also .
A community wherein a Flood Insurance Rate Map is in effect and full limits of coverage are available under the Flood Disaster Protection Act (FDPA or Act). See also .
Presented to the paying bank 180 days (6 months) or more after the original issue date. Banks are not required by the Uniform Commercial Code to honor stale-dated checks and can return them to the issuing bank unpaid. The maker of a check can discourage late presentment by writing the words "not good after X days" on the back of the check.
A way of obtaining a better interest rate, lower monthly payments, or borrow cash on the equity in a property that has built up on a loan. A second loan is taken out to pay off the first, higher-rate loan. See also .