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Stack #4725843

QuestionAnswer
Acceptance (referring to real estate contracts) refers to the act of agreeing to the terms of an offer, thereby creating a legally binding agreement between parties.
Adjustable-rate mortgage (ARM) A type of home loan where the interest rate changes periodically based on market conditions, usually after an initial fixed-rate period.
Amortization table: A schedule showing each periodic loan payment, detailing how much goes toward principal versus interest.
Closing costs (mortgage) The fees and expenses paid at the end of a real estate transaction to finalize the loan.
Collateral An asset pledged by a borrower to secure a loan, which the lender can seize if default occurs.
Counteroffer (real estate contracts A rejection of an original offer that proposes new or modified terms to the other party.
Earnest money A good-faith deposit made by a buyer to demonstrate serious intent to purchase a property.
Equity (real estate/housing The financial value of a property minus the remaining balance of all mortgages owed on it.
Finance charge The total cost of borrowing money, including interest, service fees, and any transaction charges.
Fixed-rate mortgage A home loan where the interest rate remains completely identical through the entire life of the loan.
Interest The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as a percentage.
Lien A legal claim against property by a creditor to secure the payment of a debt or obligation.
Market value (real estate The highest estimated price a property would bring in a competitive and open real estate market.
Points (mortgage Optional fees paid upfront to a lender at closing to directly lower the mortgage interest rate.
Principal (loans The original amount of money borrowed on a loan, excluding any interest or extra fees.
Created by: user-2063635
 

 



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