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consumer loans
credit
| Term | Definition |
|---|---|
| Acceptance (referring to real estate contracts) | the act of accepting a time draft or bill of exchange for payment when due according to the specified terms |
| Adjustable-rate mortgage | 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 | a chart that tracks the falling book value of a loan or an intangible asset over time. |
| Closing costs | closing costs typically range from 3% – 6% of the loan amount or purchase price |
| Collateral | character, capacity, collateral, capital, and conditions |
| Counteroffer | The meaning of COUNTEROFFER is a return offer made by one who has rejected an offer. |
| Earnest money | an amount of money paid toward the purchase of a home |
| Equity | The meaning of EQUITY is fairness or justice in the way people are treated; often, specifically |
| Finance charge | The finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer |
| Fixed-rate mortgage | 10-Year Fixed Rate, 6.76%, 6.87% ; 30-Year Fixed Rate, 7.34%, 7.42% ; 20-Year Fixed Rate, 7.25%, 7.35% |
| Interest | The meaning of INTEREST is a feeling that accompanies or causes special attention to something or someone |
| Lien | a charge upon real or personal property |
| Market value | selling price of an asset or company on the open market |
| Points | 1 percent of your total loan amount |
| Principal | initial amount of money borrowed |
Created by:
callenc