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Consumer Loans

QuestionAnswer
Acceptance (referring to real estate contracts) 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 breakdown of each periodic payment for a loan.
Closing costs (referring to a mortgage) 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 (referring to real estate contracts) A return offer made by one who has rejected an offer.
Earnest money Money used as earnest.
Equity (referring to real estate/housing) 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 cost of borrowing money
Fixed-rate mortgage A transfer of rights to a piece of property (as a house) usually in return for a loan and that is canceled when the loan is paid.
Interest A charge for borrowed money generally a percentage of the amount borrowed.
Lien The security interest created by a mortgage.
Market value (referring to real estate) The price at which something can be sold : the price that buyers are willing to pay for something.
Points (referring to a mortgage) A percentage of the face value of a loan often added as a placement fee or service charge.
Principal (referring to loans) A capital sum earning interest, due as a debt, or used as a fund.
Created by: user-1992985
 

 



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