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Consumer Loans

TermDefinition
Acceptance (referring to real estate contracts)--acceptance typically refers to the buyer agreeing to purchase a property for a specific price and under specific terms and conditions.
Adjustable -rate mortgage (ARM)--is a home loan tied to a specific benchmark. It has a variable interest rate.
Amortization table shows how payments are divided between principal and interest. · Loan amortization charts decrease loan book value over time.
Closing costs the necessary fees required to process your mortgage and transfer legal property ownership.
Collateral an asset pledged by a borrower to a lender to secure repayment of a loan, reducing the lender's risk.
Counteroffer is a response to an initial offer, designed to make the terms of real estate, car sales, employment, or business investments more favorable.
Earnest money an amount of money paid toward the purchase of a home
Equity refers to home equity, or the difference between the current market value of a home and how much the homeowners owe
Finance charge cost of consumer credit as a dollar amount.
Fixed-rate mortgage –has a consistent interest rate and a predictable monthly payment throughout its entire term.
Interest straightforward crediting of cash flows associated with some investment or deposit.
Lien is a security interest or legal right acquired in one's property by a creditor, or lienholder. A lien usually prevents sale of the property
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 also known as discount points, are a fee you pay your lender upfront to get a lower interest rate on your loan.
Principal original amount you agree to repay
Created by: user-2063614
 

 



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