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Consumer Loans

QuestionAnswer
Acceptance (referring to real estate contracts) the seller’s for an agreement to a buyer’s offer
Adjustable-rate mortgage (ARM) A home loan with an interest rate that can change periodically after an initial fixed-rate period
Amortization table A calculator used to determine the periodic payment amount due on a loan
Closing costs (referring to a mortgage) Fees you pay to finalize a real estate transaction and obtain your home loan.
Collateral An item that the borrower pledges to a lender as security for a loan.
Counteroffer (referring to real estate contracts) A rejection of a previous offer that also proposes new terms for a contract.
Earnest money good faith deposit a buyer makes to a seller to show they are serious about purchasing a property
Equity (referring to real estate/housing) the difference between the property’s current market value and the amount of debt owed on it.
Finance charge total dollar amount of the cost to borrow money.
Fixed-rate mortgage a home loan with an interest rate that remains constant for the entire life of the loan.
Interest the cost of borrowing money or the reward for lending it
Lien the 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) estimated price a real estate property would sell for in the current market
Points (referring to a mortgage) fees that borrowers can pay upfront to a lender at closing in exchange for lower interest rate.
Principal (referring to loans) initial sum of money borrowed from a lender.
Created by: user-1986157
 

 



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