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Consumer Loans Vocab

for Ms. Myers 4/11/2023

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 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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