An agreement to enter into a contract and be bound by the terms of the offer. In relation to mortgages, acceptance typically refers to the buyer's offer on a home being accepted by the seller.

Adjustable-rate mortgage (ARM)

A mortgage with an interest rate that changes periodically based on market conditions. ARMs typically start with a lower rate than fixed-rate mortgages.

A table showing each mortgage payment throughout the life of the loan, breaking down how much goes to principal versus interest.

Fees and expenses paid at the closing of a real estate transaction, including lender fees, title insurance, appraisal fees, and attorney fees.

Property pledged as security for a loan. In a mortgage, the home serves as collateral.

A response to an offer that proposes different terms than the original offer.

A deposit made by a buyer to demonstrate their serious intent to purchase a property.

The difference between the market value of a property and the amount owed on the mortgage.

The finance charge is the cost of consumer credit as a dollar amount.

A mortgage with an interest rate that remains constant for the entire term of the loan.

The cost of borrowing money, expressed as a percentage of the loan amount.

A legal claim against a property that must be satisfied when the property is sold.

The most probable price a property would bring in a competitive and open market.

Fees paid at closing to reduce the interest rate on a mortgage. One point equals 1% of the loan amount.

The amount of money borrowed or the remaining balance of a loan, not including interest.

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Consumer Loans

Question	Answer
Acceptance	An agreement to enter into a contract and be bound by the terms of the offer. In relation to mortgages, acceptance typically refers to the buyer's offer on a home being accepted by the seller.
Adjustable-rate mortgage (ARM)	A mortgage with an interest rate that changes periodically based on market conditions. ARMs typically start with a lower rate than fixed-rate mortgages.
Amortization Table	A table showing each mortgage payment throughout the life of the loan, breaking down how much goes to principal versus interest.
Closing Costs	Fees and expenses paid at the closing of a real estate transaction, including lender fees, title insurance, appraisal fees, and attorney fees.
Collateral	Property pledged as security for a loan. In a mortgage, the home serves as collateral.
Counteroffer	A response to an offer that proposes different terms than the original offer.
Earnest Money	A deposit made by a buyer to demonstrate their serious intent to purchase a property.
Equity	The difference between the market value of a property and the amount owed on the mortgage.
Finance Charge	The finance charge is the cost of consumer credit as a dollar amount.
Fixed-rate mortgage	A mortgage with an interest rate that remains constant for the entire term of the loan.
Interest	The cost of borrowing money, expressed as a percentage of the loan amount.
Lien	A legal claim against a property that must be satisfied when the property is sold.
Market Value	The most probable price a property would bring in a competitive and open market.
Points	Fees paid at closing to reduce the interest rate on a mortgage. One point equals 1% of the loan amount.
Principal	The amount of money borrowed or the remaining balance of a loan, not including interest.

Created by: user-1961598

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