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Consumer Loans Vocab

TermDefinition
Acceptance The grantee's act of taking a delivered deed as their own, the final step that completes a transfer of real property.
Adjustable-rate mortgage a financing option that offers a lower starting interest rate than comparable fixed-rate loans
Amortization table a financial technique used to evenly distribute the cost of an intangible asset or loan over a set period, aiding in budgeting and expense management
Closing Costs the upfront expenses you pay at closing to complete your purchase, in addition to your down payment
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 represents the total cost of borrowing money, including both the interest rate and any associated administrative fees
Fixed-rate mortgage a home loan with an interest rate that stays the same for the entire loan term, resulting in consistent monthly principal and interest payments
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 essentially a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments
Principal a payment that goes toward the original amount that you borrowed but not interest or fees
Created by: user-1961478
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