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Consumer Loans
| Question | Answer |
|---|---|
| Acceptance | the act of accepting a time draft or bill of exchange for payment when due according to the specified terms |
| Adjustable-rate mortgage | 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 | 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 |
| Equity | something that is equitable |
| Finance charge | the cost of consumer credit as a dollar amount |
| Fixed-rate mortgage | a conveyance (see conveyance sense 2a) of or lien against property (as for securing a loan) that becomes void 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 | the price at which something can be sold : the price that buyers are willing to pay for something |
| Points | a percentage of the face value of a loan often added as a placement fee or service charge |
| Principal | the original amount of a loan |
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