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Consumer Loans

TermDefinition
Acceptance (referring to real estate contracts) agreement to the terms of an offer creating a binding contract.
Adjustable-rate mortgage (ARM) a home loan with an interest rate that can change.
Amortization table a schedule that lists details or each payment of a loan.
Closing costs (referring to a mortgage) fees and expenses paid at the end of a transaction.
Collateral a valuable asset that a borrower pledges to a lender as security for a loan
Counteroffer (referring to real estate contracts) a response to an initial offer that rejects the original terms and proposes new ones, such as price, closing date, or contingencies
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) portion of your property that you own outright
Finance charge total dollar amount of all costs associated with a loan or credit
Fixed-rate mortgage A fixed-rate mortgage is a home loan with an interest rate that remains the same for the entire life of the loan
Interest money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Market value (referring to real estate) actual value of your property when placed on sale.
Points (referring to a mortgage) a type of prepaid interest that a borrower can pay upfront to lower the interest rate and monthly payments on a loan.
Principal (referring to loans) the original amount of money borrowed, excluding any interest.
Created by: user-1986133
 

 



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