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Consumer Loans Vocab

QuestionAnswer
Acceptance (referring to real estate contracts) An agreement to the terms of an offer in a real estate contract.
Adjustable-rate mortgage (ARM) A type of mortgage with an interest rate that may change periodically.
Amortization table A schedule that details each payment of a loan, showing the portion that goes toward principal and the portion that goes toward interest.
Closing costs (referring to a mortgage) Expenses, beyond the property's price, that buyers and sellers incur to finalize a real estate transaction.
Collateral An asset that a lender accepts as security for a loan.
Counteroffer (referring to real estate contracts) A response to an offer that rejects the original offer while simultaneously making a new offer.
Earnest money a sum of money that is included with your offer to purchase a home
Equity (referring to real estate/housing) The value of a homeowner's interest in a home,
Finance charge A finance charge is the total cost of borrowing money, including interest and other fees.
Fixed-rate mortgage A fixed-rate mortgage is a loan where the interest rate remains the same for the entire term of the loan
Interest The cost of borrowing money.
Lien A lien is a legal claim against an asset, such as a property, that is used as collateral to secure a debt.
Market value (referring to real estate) Market value is the estimated amount a property would sell for on the open market.
Points (referring to a mortgage) Points, also known as discount points, are fees paid to a lender at closing to lower the interest rate on a mortgage.
Principal (referring to loans) The original amount of a loan on which interest is calculated.
Created by: user-1986134
 

 



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