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Consumer Loans

TermDefinition
Acceptance (referring to real estate contracts) The act of agreeing to the exact terms of an offer, which creates a legally binding contract between a buyer and a seller
Adjustable-rate mortgage (ARM) A type of home loan where the interest rate can change periodically based on market conditions
Amortization table A schedule that shows how much of each mortgage payment goes toward paying off the principal balance versus paying interest over the life of the loan
Closing costs (referring to a mortgage) Fees and expenses paid at the final step of a real estate transaction, such as loan origination fees, appraisal fees, and title insurance
Collateral An asset, such as the property itself, that a borrower pledges to a lender to secure a loan
Counteroffer (referring to real estate contracts) A rejection of an original offer combined with a new offer that changes the price, terms, or conditions
Earnest money A deposit made by a buyer to show the seller they are serious about purchasing the home
Equity (referring to real estate/housing) The portion of a home's value that the owner truly owns outright, calculated by subtracting the remaining mortgage debt from the current market value of the property
Finance charge The total cost of borrowing money, including interest and any added fees expressed as a dollar amount
Fixed-rate mortgage A home loan where the interest rate stays the same for the entire length of the loan
Interest The fee charged by a lender for borrowing money, usually shown as a percentage of the loan amount
Lien A legal claim or right placed on a property by a creditor to secure the payment of a debt
Market value (referring to real estate) The most likely price a property would sell for in an open and competitive market
Points (referring to a mortgage) Prepaid interest paid directly to the lender at closing in exchange for a lower interest rate, where one point equals one percent of the loan amount
Principal (referring to loans) The original amount of money borrowed, not including the interest or fees
Created by: RuggerMan
 

 



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