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Houston Mortgage > Glossary >
Credit Repair > U 1-10
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U.S. Department of Housing and Urban Development
A federal department that formulates and enforces housing policy and oversees the Federal Housing Administration.
Underpayment penalty
A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying a percentage amount of last year's tax due or of the current year's expected tax due. You may pay the taxes in combined estimated and withholding tax payments.
Unearned income
Income such as interest, dividends, capital gains or rents, as opposed to earned income, such as wages, tips and salaries.
Uniform Gift to Minors
A trust often used to set aside money for a childĄ¯s college education. In many cases, a parent will give up to $10,000 per year per child to take advantage of a tax exemption on gifts.
Unsecured claim
A 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
An advance of money that is not secured by collateral.
Up-front costs
The 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.
Upside-down
A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. In automobiles, it is most common in the early years of a lease or loan, when the car is depreciating rapidly but the balance owed remains very high. Also see depreciation.
Usurious rate
A rate based on unnecessarily or unlawfully high interest; act or practice of lending money at high interest; sometimes intangible property taxes are applied to income from usurious rates.
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