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Consumer Loans

TermDefinition
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 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 schedule that lists the details of each payment for a loan, such as a mortgage, over its lifetime
Closing Costs 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 a return offer made by one who has rejected an offer
Earnest Money money used as earnest/something of value given by a buyer to a seller to bind a bargain
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, including interest and fees
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 Value the price at which something can be sold : the price that buyers are willing to pay for something
Points a charge to a borrower (as a mortgagor) that is equal to one percent of the principal and that is made at closing
Principal The actual amount of money you are repaying to the lender
Created by: user-1991542
 

 



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