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consumer loans
| Term | Definition |
|---|---|
| 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 | -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 | -to pay off (an obligation, such as a mortgage) gradually usually by periodic payments of principal and interest or by payments to a sinking fund |
| 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 | - the money value of a property or of an interest in a property in excess of claims or liens against it |
| Finance charge | -A finance charge is the total dollar amount of the cost to borrow money, which includes interest and any other fees that are directly tied to the extension of credit. |
| Fixed-rate mortgage | - a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated 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 | -Mortgage points, or discount points, are fees that borrowers can pay upfront to a lender at closing in exchange for a lower interest rate on their loan. |
| Principal | -the principal is the original amount of money borrowed from a lender, excluding any interest or fees |
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