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Consumer Loan

QuestionAnswer
Acceptance An agreement to a contract or offer.
Adjustable-rate mortgage (ARM) A mortgage where the interest rate can change over time.
Amortization table A chart showing how much of each payment goes to interest vs. principal.
Closing costs (referring to a mortgage) Fees paid at the end of a real estate deal.
Collateral An asset used to secure a loan.
Counteroffer (referring to real estate contracts) A new offer made in response to an original one.
Earnest money A deposit showing a buyer is serious about a purchase.
Equity (referring to real estate/housing) The value of a home minus any debt owed on it.
Finance charge The total cost of borrowing, including interest and fees.
Fixed-rate mortgage A mortgage where the interest rate never changes.
Interest The cost of borrowing money.
Lien : A legal claim on an asset to ensure a debt is paid.
Market value (referring to real estate) The price a property would likely sell for.
Points (referring to a mortgage) Upfront fees paid to lower your interest rate.
Principal (referring to loans) The original amount of money borrowed.
Created by: user-1961597
 

 



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