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consumer loans

QuestionAnswer
Adjustable-rate mortgage (ARM) • A loan with an interest rate that fluctuates over time.
Fixed-rate mortgage • A loan with an interest rate that never changes.
Principal The original sum of money borrowed, excluding interest.
Interest • The percentage fee charged by lenders for borrowing money.
Finance charge The total cost of borrowing, including interest and fees.
Amortization table • A schedule breaking down principal and interest for every payment.
Points • Upfront fees paid to a lender to lower your interest rate.
Counteroffer A revised offer that replaces and rejects the original offer.
Closing costs Miscellaneous fees paid at the finalization of a real estate purchase.
Collateral An asset pledged by a borrower to secure a loan.
Earnest money A good-faith deposit showing a buyer's serious intent to purchase.
Equity • The market value of a home minus the remaining loan balance.
Market value The estimated current price a property would sell for.
Lien A legal right or claim against property until a debt is paid.
Created by: user-2063621
 

 



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