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Consumer Loans

TermDefinition
Acceptance (referring to real estate contracts) The quality or state of being accepted or acceptable
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 An amortization calculator is used to determine the periodic payment amount due on a loan, based on the amortization process.
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 The finance charge is the cost of consumer credit as a dollar amount.
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 (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 mortgage point equals 1 percent of your total loan amount
Principal (referring to loans) Principal in a loan refers to the initial amount of money borrowed, excluding any interest, fees, and charges.
Created by: KJ233
 

 



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