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Consumer Loans

QuestionAnswer
Acceptance In real estate and contracts, acceptance signifies that the offeree has reviewed the offer and agrees to its terms without modification.
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- An amortization calculator shows exactly how much of your monthly mortgage payment goes toward your loan principal, versus how much is eaten up by interest.
Closing costs (referring to a mortgage) Typical closing costs include origination charges, service provider fees, government and tax-related fees, and mortgage and insurance costs
Collateral collateral means something provided to a lender as a guarantee of repayment.
Counteroffer (referring to real estate contracts) a counteroffer is an offer made in response to the original bid.
Earnest money Earnest money is 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) Equity is simply the total value of an asset minus the total liabilities. Equity in real estate is the home or property value minus the mortgage loan.
Finance charge The total cost of borrowing money or using credit, expressed as a specific 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 a charge for borrowed money generally a percentage of the amount borrowed
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 price at which something can be sold : the price that buyers are willing to pay for something
Points (referring to a mortgage) A mortgage point equals 1 percent of your total loan amount
Principal (referring to loans) The principal on a loan is the original amount you agree to repay.
Created by: Buckner16
 

 



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