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Consumer Loans
vocabulary
| Question | Answer |
|---|---|
| Acceptance | the act of agreeing to the terms and conditions of a contract or offer |
| Adjustable-rate mortgage (ARM) | a type of mortgage where the interest rate changes over time |
| Amortization table | a home loan that has a fixed rate only for a predetermined period |
| Closing Costs | the necessary fees required to process your mortgage and transfer legal property ownership |
| Collateral Property | pledged by a borrower to protect the interests of the lender |
| Counteroffer | a return offer made by one who has rejected an offer |
| Earnest money | money used as earnest |
| Equity | the value of a property or of an interest in a property after any debts that remain to be paid for it (as the amount of a mortgage) have been subtracted |
| Finance charge | the cost of consumer credit as a dollar amount |
| Fixed-rate mortgage | a home loan with an interest rate that stays the same for the entire loan term |
| Interest | a charge for borrowed money generally a percentage of the amount borrowed |
| Market value | the price at which something can be sold : the price that buyers are willing to pay for something |
| Points | 1 percent of your total loan amount |
| Principal | he original amount you agree to repay |
| Lien | the security interest created by a mortgage |
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