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Consumer Loans

TermDefinition
Acceptance Buyer agreeing to purchase a property for a specific price and under specific conditions
Adjustable-rate mortgage (ARM) Interest rate on mortgage that changes
Amortization table financial technique to distribute the cost of an intangible asset or loan over a set period
Closing costs 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 Changes the terms of an offer that has not been accepted yet and terminates that
Earnest money Amount of money paid toward purchase of home
Equity Market value of real property minus the mortgage loan
Finance Charge Cost of credit that a customer pays on a consumer loan
Fixed-rate mortgage Interest rate that does not change when you take out the loan
Interest Charge for borrowing money
Lien Legal claim allowing creditors to seize and sell a debtor’s property
Market value Probably price that a property should sell for on the open market
Points Fee you pay your lender upfront to get a lower interest rate on your loan
Principal Initial amount of money borrowed
Created by: user-2063613
 

 



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