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Consumer Loans

TermDefinition
Acceptance the act of accepting a time draft or bill of exchange for a 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
Amortization table schedule that lists the details of each payment for a loan, such as 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 interest of the lender
Counteroffer a return offer made by one who has rejected an offer
Earnest money money used as earnest
Equity current market value of a property minus the outstanding balance of any mortgages or liens
Finance charge the total cost of borrowing money, the sum of all interest and fees over the life of the loan
Fixed-rate mortgage a home loan where the interest rate remains the same for the entire life of the loan, resulting in predictable, unchanging monthly payments of principal and interest.
Interest the cost of borrowing money
Lien a legal claim or charge against a property for the purpose of securing a debt of fulfilling an obligation
Market value the price at which something can be sold: the price that buyers are willing to pay for something
Points a fee paid directly to a lender at closing to lower the interest rate on a home loan
Principal the original amount of money borrowed or lent, separate from any interest or fees
Created by: user-1961613
 

 



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