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consumer loan

TermDefinition
Acceptance 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 Amortization is a financial technique used to evenly distribute the cost of an intangible asset or loan over a set period, aiding in budgeting and expense management.
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 value of a property or of an interest in a property after any debts that remain to be paid for it (as the amount of a mortgage) have been subtracted
Finance charge
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 (referring to real estate)
Points (referring to a mortgage)
Principal (referring to loans)
Created by: user-2063620
 

 



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