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Consumer Loans Vocab
| Term | Definition |
|---|---|
| Acceptance | an agreeing either expressly or by conduct to the act or offer of another so that a contract is concluded and the parties become legally bound |
| Adjustable-rate mortagage | 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 schedule that lists the details of each payment for a loan |
| Closing Costs | the extra amounts of money that people need to pay when they buy a house |
| Collateral | pledged by a borrower to protect the interests of the lender |
| Counteroffer | a return offer made by one who has rejected an offer |
| Earnest money | a deposit made by a home buyer to a seller to show they are serious about purchasing a property |
| Equity | the money value of a property or of an interest in a property in excess of claims or liens against it |
| Finance charge | the total dollar amount of all costs associated with a loan or credit |
| Fixed-rate mortgage | a mortgage having an interest rate that stays the same |
| 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 or duty ordinarily arising by operation of law |
| Market points | the price at which something can be sold |
| Points | fees paid directly to a lender at closing in exchange for a lower interest rate |
| Principal | original amount of money borrowed from a lender |
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