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Consumer Loans Vocab

TermDefinition
Acceptance (referring to real estate contracts) a contractual agreement by an importer to pay the amount due for receiving goods at a specified date in the future
Adjustable-rate mortgage (ARM) a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan
Amortization table complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term
Closing costs (referring to a mortgage) the expenses, over and above the property's price, that buyers and sellers usually incur to complete a real estate transaction
Collateral an asset that a lender accepts as security for a loan, may take the form of real estate
6. Counteroffer (referring to real estate contracts) a response given to an initial offer, original offer was rejected and replaced with another one
7. Earnest money a deposit made to a seller that represents a buyer's good faith to buy a home
8. Equity (referring to real estate/housing) the difference between the fair market value of the property and the amount of money you owe on the mortgage
9. Finance charge a fee charged for the use of credit or the extension of existing credit
10. Fixed-rate mortgage a home loan that has a fixed interest rate for the entire term of the loan, means the mortgage carries a constant interest rate from beginning to end
11. Interest amount a lender charges for the use of assets expressed as a percentage of the principal
12. Lien a claim or legal right against assets that are typically used as collateral to satisfy a debt
13. Market value (referring to real estate) the price that property a would sell for on the open market under usual conditions
14. Points (referring to a mortgage) fees paid directly to the lender at closing in exchange for a reduced interest rate
15. Principal (referring to loans) the original sum of money borrowed in a loan or put into an investment
Created by: ellieadams
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