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

a schedule that lists the details of each payment for a loan, such as a mortgage, over its lifetime. It shows how much of each payment goes toward the principal and how much is applied to interest, helping to track the loan's payoff over time.

the extra amounts of money that people need to pay when they buy a house

property (such as securities) pledged by a borrower to protect the interests of the lender

a rejection of a previous offer that also proposes new terms for a contract, essentially becoming a new offer for the other party to accept or reject.

the money value of a property or of an interest in a property in excess of claims or liens against it

the total dollar amount of all costs associated with a loan or credit, including interest and fees.

a mortgage having an interest rate that stays the same

a charge for borrowed money generally a percentage of the amount borrowed

a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law

the estimated price a willing buyer would pay a willing seller for a property on the open market, assuming both parties are knowledgeable and there is no coercion.

Mortgage points are fees paid directly to a lender at closing in exchange for a lower interest rate.

the original amount of money you borrow, separate from any interest or fees.

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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 (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. It shows how much of each payment goes toward the principal and how much is applied to interest, helping to track the loan's payoff 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 rejection of a previous offer that also proposes new terms for a contract, essentially becoming a new offer for the other party to accept or reject.
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	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 estimated price a willing buyer would pay a willing seller for a property on the open market, assuming both parties are knowledgeable and there is no coercion.
Points	Mortgage points are fees paid directly to a lender at closing in exchange for a lower interest rate.
Principal	the original amount of money you borrow, separate from any interest or fees.

Created by: s.emory.baker

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