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Consumer Loans

QuestionAnswer
Acceptance (referring to real estate contracts) 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) Adjustable-rate mortgages (ARMs), also known as variable-rate mortgages, have an interest rate that may change periodically
Amortization table tableAn amortization schedule (sometimes called an amortization table) is a table detailing each periodic payment on an amortizing loan.
Closing costs (referring to a mortgage) )For mortgage clients, closing costs typically range from 3% – 6% of the loan amount or purchase price.
Collateral As a noun, collateral means something provided to a lender as a guarantee of repayment.
Counteroffer (referring to real estate contracts) A counteroffer is your chance to take control of the negotiation.
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 the market value of real property, less the amount of any liens that may exist.
Finance charge The finance charge is the cost of consumer credit as a dollar amount.
Fixed-rate mortgage A fixed-rate mortgage has a consistent interest rate and a predictable monthly payment throughout its entire term.
Interest The price paid for borrowing money.
Lien The meaning of LIEN is a charge upon real or personal property for the satisfaction of some debt or duty
Market value (referring to real estate) Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale
Points (referring to a mortgage) Mortgage points are upfront fees you can choose to pay at closing in exchange for a lower interest rate on your loan.
Principal (referring to loans) )Principal in a loan refers to the initial amount of money borrowed, excluding any interest, fees, and charges.
Created by: Merigail Fair
 

 



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