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Consumer Loans

TermDefinition
Acceptance the act of accepting a time draft or bill of exchange for payment when due according to the specified terms
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 used to determine the periodic payment amount due on a loan, based on the amortization process.
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 money used as earnest
Equity the money value of a property or of an interest in a property in excess of claims or liens against it
Finance charge any fee representing the cost of credit, or the cost of borrowing.
Fixed-rate mortgage a mortgage having an interest rate that stays the same
Interest right, title, or legal share in something
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 A mortgage point may indicate the percentage of fees attached to the loan or the loan's premium over the prime interest rate
Principal the original sum of money that's borrowed in a loan or placed into an investment
Created by: Pterodactyl Dude
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