FINANCE Chapter 9 Finances of Housing | Quizlet

complex

a building or group of buildings with housing units

sublet

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

points

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

amortization

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

refinance

obtaining a new mortgage to replace an existing one

closing

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

deed

the official document transferring ownership from seller to buyer

dwelling

shelter

appraisal

An estimate of the current value of the property.

consideration

matters for thought

equity

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

mobility

ability to move easily from place to place

foreclosure

take possession of the property

private mortgage insurance (PMI)

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

security deposit

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

renter's insurance

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

mortgage

a long-term loan extended to someone who buys property

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