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consumer loans

consumer loans vocabulary

TermDefinition
Acceptance (referring to real estate contracts) The formal agreement to a proposal, such as a real estate purchase offer or the role of a trustee or executor.
Adjustable-rate mortgage (ARM) A home loan with an interest rate that can change periodically after an initial fixed-rate period.
Amortization table A schedule that lists the details of each payment for a loan, such as a mortgage, over its lifetime.
Closing costs (referring to a mortgage) The fees and expenses incurred by the buyer and seller to finalize a real estate transaction and complete a mortgage.
Collateral Any material or asset a company uses to promote its products, services, or brand.
Counteroffer (referring to real estate contracts) A written response to an initial offer that proposes new or modified terms, essentially rejecting the original offer and presenting a new one.
Earnest money A deposit a buyer makes to a seller to show they are serious about purchasing a home.
Equity (referring to real estate/housing) The portion of a property's value that you own outright.
Finance charge The total cost of borrowing money, including interest and other fees, expressed as a dollar amount.
Fixed-rate mortgage A home loan with an interest rate that is set when you first take it out and never changes.
Interest The cost of borrowing money or the reward for lending it.
Lien A legal claim or right against a property to secure payment of a debt.
Market value (referring to real estate) The estimated price a property would sell for on the open market, assuming a knowledgeable and willing buyer and seller.
Points (referring to a mortgage) A legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Principal (referring to loans) The original amount of money borrowed on a loan, separate from any interest or fees.
Created by: user-1986140
 

 



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