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Consumer Loans

TermDefinition
Acceptance(referring to real estate contracts) The act of accepting a time draft or bill of exchange for payment when due according to specified term. An accepted draft or bill of exchange
Adjustable(rate mortgage)(ARM) A mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender
Amortization Table Complete table of the periodic loan payments, showing the amount of principal the amount of interest that comprise each payment until the loan pay off at the end of it term
Closing costs(referring to a mortgage) The extra amounts of money that people need to pay when you buy a house
Collateral Something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Counteroffer(referring to real estate Contracts) response given to an offer, meaning the original offer was rejected and replaced with another one
Earnest Money Money paid to confirm a contract
Equity(referring to real estate/housing) Companies sell shares to investors to raise capital
Finance Charge Cost of borrowing money, including interest and other fees
Fixed -rate Mortgage An installment loan that has a fixed interest rate for entire term of the loan
Interest Price you pay to borrow money or the cost you charge to lend money
Lien Claim or legal right against assets that are typically used collateral to satisfy a debt
Market Value(referring to real estate) price an asset would fetch in the marketplace, or the value that the investment community gives to a particular equity or business
Points(referring to a mortgage) Interest rate on a mortgage in relation to a prime lending rate or total size of the fees attached to a mortgage
Principal(referring to loans) Money that originally agreed to pay back
Created by: kiyara morgan
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