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Frugal Gnome - Building Fantastic Finances

Gnomenclature

Learn the language of finance.

In many ways, success depends on clarity. The Frugal Gnome glossary gives definitions of specialized financial terms to help bring clarity to the language of finance.

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Term	Definition
VantageScore	The VantageScore is another credit scoring model similar to the FICO score. It was created by the three credit reporting bureaus (Equifax, Experian and TransUnion). Like the FICO score, it ranges from 300 to 850, with higher scores being better. Different lenders use different versions of credit scores to assess risk based on the nature of the loans they make and their customer characteristics.
Variable-Rate Mortgage	Variable-rate mortgage is a home loan for which the interest rate is subject to change over the course of the repayment period. These changes are generally tied to specified market conditions. While a drop in interest rates could mean that your monthly payments get smaller, a rise in interest rates puts you at risk of having to make larger monthly payments later.

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