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Consumer Loans Vocab

TermDefinition
Acceptance (referring to real estate contracts) the act of accepting a time draft or bill of exchange for payment when due according to the specified terms
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 chart that tracks the falling book value of a loan or an intangible asset over time
Closing costs (referring to a mortgage) necessary fees required to process your mortgage and transfer legal property ownership
Collateral property (such as securities) pledged by a borrower to protect the interests of the lender
Counteroffer (referring to real estate contracts) changes the terms of an offer that has not been accepted yet, and it terminates that offer
Earnest money an amount of money paid toward the purchase of a home, which demonstrates the buyer's good-faith intent to complete the transaction
Equity (referring to real estate/housing) the market value of real property, less the amount of any liens that may exist
Finance charge the cost of consumer credit as a dollar amount
Fixed-rate mortgage the interest rate is set when you take out the loan and will not change
Interest the monetary charge for the privilege of borrowing money, typically expressed as an annual percentage rate
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 most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale
Points (referring to a mortgage) Mortgage points, also known as discount points, are a fee you pay your lender upfront to get a lower interest rate on your loan
Principal (referring to loans) The principal on a loan is the original amount you agree to repay
Created by: francescahoots
 

 



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