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Consumer Loans Vocab
| Question | Answer |
|---|---|
| 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 | an amount of money paid toward the purchase of a home, which demonstrates the buyer’s good-faith intent to complete the transaction. |
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