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Consumer Loans Vocab

TermDefinition
Acceptance seller has agreed to the exact terms stipulated in the offer.
adjustable rate mortgage 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 seller has agreed to the exact terms stipulated in the offer.
Closing costs are fees and expenses you pay when you close on your house, beyond the down payment.
Collateral any property or asset that is given by a borrower to a lender in order to secure a loan. It serves as an assurance that the lender will not suffer a significant loss.
Counteroffer states that the seller has accepted the buyer's offer subject to one or more changes.
Earnest Money money a deposit made to a seller that represents a buyer's good faith to buy a home.
Equity difference between the market value of your home and the amount you owe the lender who holds the mortgage.
Finance charge a finance charge is any fee representing the cost of credit, or the cost of borrowing.
Fixed-rate mortgage rate mortgage a home loan that has a fixed interest rate for the entire term of the loan.
Interest the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Lien right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Market value an opinion of what a property would sell for in a competitive market based on the features and benefits of that property (the value), the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition.
Points lower your interest rate in exchange paying for an upfront fee.
Principal money that you originally agreed to pay back. Interest is the cost of borrowing the principal.
Created by: s.horace.tyner
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