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consumer loans
| Term | Definition |
|---|---|
| Acceptance | the act of agreeing to the terms and conditions of a contract or offer |
| Adjustable-rate mortgage (ARM) | the interest rate may go up or down |
| Amortization table | a financial technique used to evenly distribute the cost of an intangible asset or loan over a set period |
| Closing costs | necessary fees required to process your mortgage |
| Collateral | something provided to a lender as a guarantee of repayment |
| Counteroffer | formal responses to an offer to buy or sell a home |
| Earnest money | an amount of money paid toward the purchase of a home |
| Equity | market value of real property, less the amount of any liens that may exist |
| Finance charge | cost of consumer credit as a dollar amount |
| Fixed-rate mortgage | the interest rate is set when you take out the loan and will not change |
| Interest | payment from a borrower to a lender of an amount above repayment |
| Lien | a legal claim allowing creditors to seize and sell a debtor's property |
| Market value | actual value of your property when placed for sale on the open market |
| Points | 1 percent of your total loan amount |
| Principal | the original amount you agree to repay |
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