Studied by 7 peopleadjustable-rate mortgage
a mortgage with an adjustable interest rate and a fixed schedule of payments
amortization
the reduction of a loan balance through payments made over a period of time
appraisal
an estimate of the current value of a property
closing
meeting of a seller, a buyer, and a lender of funds to complete a transaction
Deed
\n
official document transferring ownership from seller to buyer
Equity
the value of a home minus the amount still owed on the money borrowed to purchase it
escrow account
an account where money is held in trust until it can be delivered to a designated party
fixed-rate mortgage
a mortgage with a fixed interest rate and a fixed schedule of payments
home equity loan
a loan based on the difference between the current market value of a home and the amount the borrower owes on the mortgage
landlord
the person who owns the property that is rented
lease
legal document that defines the conditions of the rental agreement between the tenant and the landlord
mobility
ability to move easily from place to place
mortgage
a long-term loan extended to someone who buys property
Points
extra charges that must be paid by a buyer to a lender in order to get a lower interest rate
private mortgage representatives
a special policy that protects a lender in case a buyer cannot make payments at all or on time
Refinance
to obtain a new mortgage to replace an existing one
renters insurance
a type of insurance that covers the loss of a tenant’s personal property as a result of damage or theft
security deposit
an amount of money paid by a tenant to the owner of a property to guard against any financial loss or damage that the tenant might cause
tenant
a person who pays for the right to live in a residence owned by someone else
title insurance
a type of insurance that protects the buyer if problems with the title are found later
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