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Loan/Mortage
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| Term | Definition |
|---|---|
| Acceptance | short-term credit instrument consisting of a written order requiring a buyer to pay a specified sum at a given date to the seller |
| Adjustable Rate Mortgage | a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender |
| Amortization Rule | a chart that tracks the falling book value of a loan or an intangible asset over time. |
| Closing Costs | the extra amounts of money that people need to pay when they buy a house |
| Collateral | property (such as securities) 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 finance charge is the cost of consumer credit as a dollar amount |
| Fixed Rate Mortgage | a mortgage when interest rate is set and wont change |
| Interest | a charge for borrowed money generally a percentage of the amount borrowed |
| Lien | a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law |
| Market Value | the price at which something can be sold : the price that buyers are willing to pay for something |
| Points | a percentage of the face value of a loan often added as a placement fee or service charge |
| Principal | the amount you borrowed and have to pay back |
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