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Consumer Loans

Consumer Loans Vocabulary

TermDefinition
Acceptance an accepted draft or bill of exchange
Adjustable-rate mortgage (ARM) mortgage where the interest rate fluctuates periodically, typically after an initial fixed-rate period, impacting monthly payments.
Amortization table detailed schedule that outlines how each payment on a loan is allocated between principal and interest, along with the remaining balance over the loan's term.
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 a return offer made by one who has rejected an offer.
Earnest money a sum of money a buyer puts down to demonstrate their seriousness about purchasing a property.
Equity the money value of a property or of an interest in a property in excess of claims or liens against it.
Finance charge total cost of borrowing money, encompassing interest, fees, and other charges imposed by a lender, representing the cost of credit.
Fixed-rate mortgage loan where the interest rate remains constant throughout the entire loan term, ensuring consistent monthly payments for principal and interest.
Interest a charge for borrowed money generally a percentage of the amount borrowed.
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 describe costs which are a form of prepaid interest.
Principal original sum of money that's borrowed in a loan or placed into an investment.
Created by: user-1933359
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