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consumer loans

TermDefinition
Acceptance (referring to real estate contracts) formal agreement by the buyer to purchase a property under the specific terms offered by the seller.
Adjustable-rate mortgage (ARM) a home loan with an interest rate that can change over the lift of a loan
Amortization table a schedule that lists the details of each payment for a loan, such as a mortgage, over its lifetime.
Closing costs (referring to a mortgage) fees and expenses required to finalize a mortgage and a real estate transaction, paid at the end of the process.
Collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Counteroffer (referring to real estate contracts) a response to an initial purchase offer that proposes new terms, such as a different price, closing date, or other conditions
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 difference between a property's current market value and the total amount of debt you owe on it, such as a mortgage or other liens.
Finance charge total dollar amount of all costs associated with a loan or credit, including interest and fees.
Fixed-rate mortgage home loan with an interest rate that remains the same for the entire life of the loan, typically 15 or 30 years.
Interest the state of wanting to know or learn about something or someone.
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) -most probable price a property would sell for on the open market under normal conditions, between a willing buyer and a willing seller
Points (referring to a mortgage) form of prepaid interest paid upfront to a lender to lower the interest rate on a loan.
Created by: user-1986155
 

 



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