FINANCE Chapter 9 Finances of Housing | Quizlet

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18 Terms

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complex

a building or group of buildings with housing units

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sublet

to have a person other than the original tenant take over the rental unit and payments for the remaining term of the lease

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points

extra charges that must be paid by a buyer to a lender in order to get a lower interest rate

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amortization

the reduction of a loan balance through payments made over a period of time

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refinance

obtaining a new mortgage to replace an existing one

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closing

a meeting of the seller, the buyer, and the lender of funds, or representatives of each party, to complete the transaction

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deed

the official document transferring ownership from seller to buyer

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dwelling

shelter

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appraisal

An estimate of the current value of the property.

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consideration

matters for thought

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equity

value of a home minus the amount still owed on the money borrowed to purchase it

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mobility

ability to move easily from place to place

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foreclosure

take possession of the property

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private mortgage insurance (PMI)

a special policy that protects the lender in case a buyer cannot make payments at all or on time

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security deposit

an amount of money paid to a landlord by a tenant to cover damages caused by the tenant

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renter's insurance

a type of insurance that covers the loss of a tenant's property as a result of damage of theft

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mortgage

a long-term loan extended to someone who buys property

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home equity loan

a loan based on the difference between the current market value of a home and the amount still owed on the mortgage