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Consumer Loans

TermDefinition
Acceptance (referring to real estate contracts) the act of accepting a time draft or bill of exchange for payment when due according to the specified terms
Adjustable-rate mortgage (ARM) a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender
Amortization table a business tool that details each payment for a loan
Closing costs (referring to a mortgage) Closing costs are the fees and expenses paid at the end of a mortgage transaction
Collateral something pledged as security for repayment of a loan
Counteroffer (referring to real estate contracts) a return offer made by one who has rejected an offer
Earnest money money used as earnest
Equity (referring to real estate/housing) 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
Fixed-rate mortgage a home loan where the interest rate is set for the entire life of the loan
Interest a charge for borrowed money generally a percentage of the amount borrowed
Lien a charge upon real or personal property for the satisfaction of some debt
Market value (referring to real estate) the price at which something can be sold
Points (referring to a mortgage) can refer to several different concepts, such as dollar-based increments for stock price changes
Principal (referring to loans) is the initial amount of money you borrow from a lender
Created by: AidenMorrow14
 

 



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