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Myers Class

Financial Literacy words

TermDefinition
Acceptance The act of being accepted for a loan or other contract.
Adjustable-rate mortgage A mortgage in which the rate can change over time.
Amortization Table A schedule that lists the details of each payment for a loan, such as a mortgage, over its lifetime
Closing Costs The various fees and expenses beyond the purchase price that are paid to finalize a real estate transaction.
Collateral Something of worth that is put up in case an individual does not make their payments.
Counteroffer A rebuttal to an original price that is typically more in favor of the party making it.
Earnest money A deposit that is made by a home buyer to prove that they are serious about making a purchase.
Equity The value of a property subtracted by the remaining liability.
Finance Charge The total cost of borrowing money, including interest, fees, and principal.
Fixed-rate mortgage A mortgage that has the same payment all the way through its term.
Interest The money that is paid, to a lender, to borrow money.
Lien A charge upon real or personal property for the satisfaction of a debt.
Market Value The price at which something can be sold.
Points Fees paid to a lender in order to get a lower interest rate.
Principal The actual value of the amount of money a loan was taken out for.
Created by: user-1991533
 

 



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