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Consumer Loans

QuestionAnswer
Acceptance (referring to real estate contracts) typically refers to the buyer agreeing to purchase a property for a specific price and under specific terms
Adjustable-rate mortgage (ARM) A home loan with an interest rate that can flucuate
Amortization table a complete schedule of periodic loan payments showing the amount of principal and interest that comprise each payment until the loan is paid off
Closing costs (referring to a mortgage) The fees and expenses you pay to finalize your home loan
Collateral A valuable asset that a borrower pledges to a lender to secure a loan
Counteroffer (referring to real estate contracts) A new proposal made by a buyer or seller that changes the terms of an earlier purchase offer
Earnest money A good-faith deposit showing a buyer is serious about purchasing a home
Equity (referring to real estate/housing) The portion of a home's value that the owner truly owns outright
Finance charge The total cost of borrowing money, including interest and fees
Fixed-rate mortgage A home loan with an interest rate that stays the same for the entire life of the loan
Interest The fee charged by a lender for borrowing money, expressed as a percentage
Lien A legal claim on a property by a creditor to secure the payment of a debt
Market value (referring to real estate) The estimated amount a property would sell for on the open market
Points (referring to a mortgage) Upfront fees paid to the lender at closing to lower the interest rate
Principal (referring to loans) The original amount of money borrowed, not including interest
Created by: user-2063631
 

 



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