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Consumer Loans Vocab

Financial Literacy - Myers 1st Block

TermDefinition
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 Mortrgage a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets
Amortization Table a table detailing each periodic payment on an amortizing loan, as generated by an amortization calculator; the process of paying off a debt over time through regular payments
Closing Costs fees paid at the closing of a real estate transaction
Collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default
Counteroffer a return offer given by the seller in response to the original bid
Earnest Money money that is put down before closing on a house to show you're serious about purchasing
Equity the difference between what you owe on your mortgage and what your home is currently worth
Finance Charge any fee representing the cost of credit, or the cost of borrowing
Fixed-rate Mortgage a home loan option with a specific interest rate for the entire term of the loan
Interest money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt
Lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged
Market Value the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale
Points any upfront fee that is calculated as a percentage of your loan amount, whether or not you receive a lower interest rate
Principal the money that you originally agreed to pay back
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