Consumer Loans Vocab Word Scramble
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| Term | Definition |
| Acceptance | when the seller accepts a buyer's offer on the home, usually by signing a Purchase and Sale Agreement already signed by the buyer |
| Adjustable-rate mortgage (ARM) | 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 table | a table detailing each periodic payment on an amortizing loan, as generated by an amortization calculator |
| Closing Costs | fees paid at the closing of a real estate transaction |
| Collateral | a borrower's pledge of specific property to a lender, to secure repayment of a loan |
| Counteroffer | functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer |
| Earnest Money | a sum of money that is included with your offer to purchase a home |
| Equity | an ownership interest in property that may be offset by debts or other liabilities |
| Finance charge | a form of compensation to the lender for providing the funds, or extending credit, to a borrower |
| Fixed-rate Mortgage | a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float" |
| Interest | the fee a business pays a lender (creditor) to borrow money |
| Lien | a legal claim against a party or entity's property or assets |
| Market Value | the actual value of your property when placed at sale on the open market |
| Points | a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments |
| Principal | the money that you originally agreed to pay back |
Created by:
lawsonharris
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