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Loans

TermDefinition
Acceptance the exact point in time when a buyer and seller reach an agreement on the purchase of a property.
Adjustable-rate mortgage A variable-rate mortgage, adjustable-rate mortgage, or tracker mortgage is 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 An amortization schedule is a table detailing each periodic payment on an amortizing loan, as generated by an amortization calculator.
Closing costs losing costs are 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 an offer made in response to another.
Earnest money An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes
Equity In finance, equity is an ownership interest in property that may be offset by debts or other liabilities.
Finance charge In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit.
Fixed-rate mortgage A fixed-rate mortgage is 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 In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate.
Lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Market Value the amount for which something can be sold on a given market.
Points Points, also known as discount points, lower your interest rate in exchange paying for an upfront fee.
Principal denoting an original sum invested or lent
Created by: cjc21
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