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Consumer Loans Vocab

TermDefinition
Acceptance an agreeing either expressly or by conduct to the act or offer of another so that a contract is concluded and the parties become legally bound
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 you can see how much money you pay in principal and interest over time
Closing costs the extra amounts of money that people need to pay when they buy a house
Collateral property (such as securities) pledged by a borrower to protect the interests of the lender
Counteroffer an offer made in response to another.
Earnest money between one to three percent of the house's price
Equity body of legal doctrines and rules developed to enlarge, supplement, or override a narrow rigid system of law
Finance charge the cost of consumer credit as a dollar amount
Fixed-rate mortgage a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms
Interest a feeling that accompanies or causes special attention to something or someone
Lien a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law
Market value the price at which something can be sold : the price that buyers are willing to pay for something
Points fees a homebuyer pays directly to the lender (usually a bank) in exchange for a reduced interest rate
Principal the original amount of money borrowed via a loan
Created by: Conor.conley
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