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Consumer Loans

TermDefinition
Acceptance The act of the seller agreeing to the buyers offer
Adjustable-rate mortgage (ARM) Home loan with a fixed interest rate
Amortization table Table that lists all the details of different payments such as premium, interest rate. and loan years
Closing costs The costs that finalize a real estate transaction
Collateral Something that can be used to repay a loan in the case of it not being paid back.
Counteroffer A formal response to change made to a real estate deal.
Earnest money a deposit made to a buyer to show that they are interested in buying a home
Equity The difference between a property current market value and the amount of debt still owed on it
Finance charge The total cost of borrowing money
Fixed-rate mortgage home loan with a fixed interest rate
Interest amount you pay for borrowing money.
Lien a right to claim property used on a loan in case loan is not paid off
Market value The amount a property would sell for
Points Prepaid interest that are paid to lower the interest rate on a loan
Principal The original amount of a loan without extra fees
Created by: user-1986138
 

 



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