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Consumer Loans Vocab

TermDefinition
Acceptance (referring to real estate contracts) acceptance occurs when the buyer and seller agree to the terms of a purchase contract
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 An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage)
Closing costs (referring to a mortgage) closing costs are the fees associated with buying a home that you must pay on closing day
Collateral Collateral is an asset or assets that a business owner promises to hand over to a lender if they fail to repay the loan.
Counteroffer (referring to real estate contracts) a form of negotiation during a real estate transaction
Earnest money put down before closing on a house to show you're serious about purchasing
Equity (referring to real estate/housing) the amount of your home that you actually own
Finance charge the total amount of interest and loan charges you would pay over the entire life of the mortgage loan
Fixed-rate mortgage a home loan that has a fixed interest rate for the entire term of the loan
Interest the fee a business pays a lender (creditor) to borrow money
Lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Market value (referring to real estate) the actual value of your property when placed at sale on the open market
Points (referring to a mortgage) One discount point costs 1% of your home loan amount. For example, if you take out a mortgage for $300,000, one point will cost $3,000.
Principal (referring to loans) the original sum of money that's borrowed in a loan or placed into an investment
Created by: user-1884974
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