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Consumer Loans

TermDefinition
Acceptance -when the seller accepts a buyer's offer on the home
Adjustable-rate mortgage a home loan with an interest rate that adjusts over time based on the market
Amortization table a table that lists each regular payment on a mortgage over time
Closing costs the fees you pay when finalizing a real estate transaction
collateral is property (such as securities) pledged by a borrower to protect the interests of the lender.
counteroffer an offer made in response to the original bid
earnest money put down before closing on a house to show you're serious about purchasing
Equity (referring to real estate/housing the difference between how much your home is worth and how much you owe on your mortgage
Finance charge any cost you incur by borrowing money
Fixed-rate mortgage a home loan option with a specific interest rate for the entire term of the loan
Interest payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate
lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged
market value the amount for which something can be sold on a given market
points a fee you pay to lower your interest rate on your home purchase or refinance
principal the money that you originally agreed to pay back
Created by: s.ahzoria
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