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Consumer Loans

TermDefinition
Acceptance (referring to real estate contracts) the formal agreement by the seller to a buyer's offer, making the contract legally binding
Adjustable rate mortgage (ARM)-a home loan with an interest rate that is fixed for an initial period and then periodically adjusts over the life of the loan, often based on an index like the Secured Overnight Financing Rate
Amortization table a table that includes the payment number, total payment amount, and how each payment is broken down into principal and interest.
Closing costs (referring to a mortgage) -the fees and expenses paid at the end of a real estate transaction to finalize the mortgage and transfer property ownership.
Collateral property or assets used as security for a loan
Counteroffer (referring to real estate contracts) a response to an initial offer that rejects it and proposes new terms, such as a different price or closing date
Earnest money a "good faith" deposit a buyer makes to a seller to show they are serious about purchasing a property
Equity the portion of a property's value that the owner holds outright
Finance charge the total dollar amount of the cost to borrow money
Fixed-rate mortgage a home loan with an interest rate that remains constant for the entire life of the loan
Interest the fee a borrower pays to a lender for using their money, and it is also the return a saver receives for lending their money to a bank or financial institution
Lien -a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Market value the most probable price a property would sell for in a competitive and open market
Points fees paid directly to a lender at closing in exchange for a lower interest rate on your loan.
Principal the original sum of money borrowed from a lender. It does not include interest, fees, or other charges.
Created by: user-1986135
 

 



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