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Consumer Loans
| Term | Definition |
|---|---|
| Acceptance | the act of accepting something or someone : the fact of being accepted |
| Adjustable | -to bring to a more satisfactory state |
| Amortization table | the act or process of amortizing |
| 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 return offer made by one who has rejected an offer |
| Equity | the money value of a property or of an interest in a property in excess of claims or liens against it |
| Finance charge | -A finance charge is the total dollar amount of the cost to borrow money, which includes interest and certain fees |
| Fixed-rate mortgage | a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms |
| Interest | a charge for borrowed money generally a percentage of the amount borrowed |
| Lien | the security interest created by a mortgage |
| Market value | the price at which something can be sold : the price that buyers are willing to pay for something |
| Points (referring to a mortgage) | Mortgage points are fees paid to a lender at closing that can lower your interest rate |
| Principal (referring to loans) | principal is the original amount of money you borrow from a lender. |
Created by:
s.khalana.castlin