for Ms. Myers 4/11/2023
Help!
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| 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
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| 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
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| Amortization table | a table detailing each periodic payment on an amortizing loan, as generated by an amortization calculator
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| Closing Costs | fees paid at the closing of a real estate transaction
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| Collateral | a borrower's pledge of specific property to a lender, to secure repayment of a loan
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| 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
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| Earnest Money | a sum of money that is included with your offer to purchase a home
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| Equity | an ownership interest in property that may be offset by debts or other liabilities
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| Finance charge | a form of compensation to the lender for providing the funds, or extending credit, to a borrower
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| 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"
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| Interest | the fee a business pays a lender (creditor) to borrow money
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| Lien | a legal claim against a party or entity's property or assets
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| Market Value | the actual value of your property when placed at sale on the open market
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| Points | a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments
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| Principal | the money that you originally agreed to pay back
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Created by:
lawsonharris
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