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Consumer Loans

QuestionAnswer
Acceptance (referring to real estate contracts)- the act of accepting a time draft or bill of exchange for payment when due according to the specified terms
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
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- money used as earnest
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- money or other liquid resources of a government, business, group, or individual
Fixed-rate mortgage- a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms
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)- a percentage of the face value of a loan often added as a placement fee or service charge
Principal (referring to loans)- the corpus of an estate, portion, devise, or bequest
Amortization table- how a loan is paid down over time, detailing each payment's allocation to both principal and interest, the remaining loan balance, and the total interest paid over the loan's life.
Created by: user-1991538
 

 



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