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Consumer Loans Vocab

TermDefinition
Acceptance (referring to real estate contracts) Meaning the buyer formally agrees to the terms of a seller’s offer which creates a legally binding contract.
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 over it’s lifetime.
Closing costs (referring to a mortgage) The various fees and expenses paid to finalize a real estate transaction and secure a home loan.
Collateral A tangible asset that a borrower pledges to a lender as security for a loan.
Counteroffer A revised proposal from the recipient of an initial offer which rejects the original terms and presents the new ones.
Earnest money A deposit made by a buyer to a seller to show good-faith intent to purchase a home.
Equity (referring to real estate/housing) The value of your property that you own outright, calculated by subtracting the total outstanding debts (like mortgages or liens) from the home's current market value.
Finance charge The total dollar amount of all costs associated with a loan or credit, including interest and fees.
Fixed-rate mortgage A home loan with an interest rate that remains the same for the entire life of the loan.
Interest The cost of borrowing money or the return earned on deposited funds.
Lien A legal claim placed on a property or asset to secure a debt.
Market value (referring to real estate) The estimated and most probable price a property will sell for in an open market under normal.
Points (referring to a mortgage) A type of prepaid interest paid at closing to lower your interest rate and monthly payments.
Principal (referring to loans) The initial sum of money you borrow, separate from interest and fees.
Created by: user-1986129
 

 



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