Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Stack #4542264
| Term | Definition |
|---|---|
| Acceptance | is the unqualified agreement to the terms of a purchase offer, which creates a legally binding contract once signed by both the buyer and seller |
| Adjustable-rate mortgage | a home loan with an interest rate that can change over the life of the loan |
| Amortization table | a schedule that shows how loan payments are broken down into the principal and interest amounts over the life of the loan |
| Closing costs | fees and expenses paid on the day a mortgage is finalized to complete a real estate transaction |
| Collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a no payment. |
| Counteroffer | a response to an initial offer that rejects the original terms and proposes new ones |
| Earnest money | a deposit made by a buyer to a seller to show their serious intent to complete a real estate transaction |
| Equity | the owner's stake in a property |
| Finance charge | the total cost of borrowing money, including interest and other fees |
| Fixed-rate mortgage | a type of home loan with an interest rate that remains the same for the entire life of the loan |
| Interest | A payment for letting a bank use your money, or a fee for borrowing money. |
| Lien | a right to keep possession of property belonging to another person until a debt repaid |
| Market value | most probable price a property would sell for on the open market, based on negotiations between a willing buyer and a willing seller |
| Points | fees paid directly to the lender at closing |
| Principal | original amount of money borrowed in a loan, which does not include interest or fee |
Created by:
user-1986120