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Consumer Loans

Consumer Loans- Mrs. Myers

TermDefinition
Acceptance (referring to real estate contracts) 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 mortgage (ARM) 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 detailed schedule that outlines each payment on a loan, such as a mortgage, to help you understand how much goes toward principal and interest over time
Closing costs (referring to a mortgage) the extra amounts of money that people need to pay when they buy a house
Collateral property (such as securities) pledged by a borrower to protect the interests of the lender
Counteroffer (referring to real estate contracts) 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 (referring to real estate/housing) the money value of a property or of an interest in a property in excess of claims or liens against it
Finance charge A finance charge is the total cost of borrowing money, including interest and other fees, expressed as a dollar amount
Fixed-rate mortgage A fixed-rate mortgage is a type of home loan with an interest rate that remains the same for the entire life of the loan
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 value (referring to real estate) the price at which something can be sold : the price that buyers are willing to pay for something
Points (referring to a mortgage) Mortgage points are a fee you pay your lender upfront to get a lower interest rate on your loan
Principal (referring to loans) In the context of a loan, the principal is the original amount of money borrowed from a lender
Created by: user-1991537
 

 



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