Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Consumer Loans Vocab
for Ms. Myers 4/11/2023
| Term | Definition |
|---|---|
| Acceptance | when the seller accepts a buyer's offer on the home, usually by signing a Purchase and Sale Agreement already signed by the buyer |
| 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 | a table detailing each periodic payment on an amortizing loan, as generated by an amortization calculator |
| Closing Costs | fees paid at the closing of a real estate transaction |
| Collateral | a borrower's pledge of specific property to a lender, to secure repayment of a loan |
| Counteroffer | functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer |
| Earnest Money | a sum of money that is included with your offer to purchase a home |
| Equity | an ownership interest in property that may be offset by debts or other liabilities |
| Finance charge | a form of compensation to the lender for providing the funds, or extending credit, to a borrower |
| Fixed-rate Mortgage | a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float" |
| Interest | the fee a business pays a lender (creditor) to borrow money |
| Lien | a legal claim against a party or entity's property or assets |
| Market Value | the actual value of your property when placed at sale on the open market |
| Points | a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments |
| Principal | the money that you originally agreed to pay back |
Created by:
lawsonharris
Popular Finance sets