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Loan

TermDefinition
Acceptance (referring to real estate contracts) If you get accepted to a home loan or not
Adjustable-rate mortgage (ARM (1) an index, (2) a margin, (3) an interest rate cap structure
Amortization table An amortization schedule shows how payments are divided between principal and interest. · Loan amortization charts decrease loan book value over time
Closing costs (referring to a mortgage) Closing costs are the necessary fees required to process your mortgage and transfer legal property ownership.
Collateral Something you put on the line if you don't pay your loan back they take from you
Counteroffer (referring to real estate contracts) When an offer is given the other party can give a higher or lower price based off of 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) is the owner's financial interest in a property
Finance charge the cost of consumer credit as a dollar amount.
Fixed-rate mortgage With a fixed-rate mortgage, the interest rate is set when you take out the loan and will not change
Interest payment from a borrower to a lender of an amount above repayment of the amount borrowed, at a particular rate.
Lien a legal claim or right against a property that allows a creditor to secure the repayment of a debt.
Market value most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale
Points 1 percent of your total loan amount — for example, on a $100,000 loan, one point would be $1,000
Principal Principal in a loan refers to the initial amount of money borrowed, excluding any interest, fees, and charges.
Created by: user-2063627
 

 



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