Financial 8.3 Vocab

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11 Terms

1
Market Value
the amount a house can be sold for
2
Property Taxes (Real Estate Taxes)
taxes that are based on the assessed value of the home
3
Assessed Value
an assigned value made by the local government on the value of a home for taxation purposes
4
Down Payment
the upfront money that is applied to a purchase that is made using a loan
5
Mortgage
a loan taken out by people to purchase a house
6
Fixed Mortgage Rate
a mortgage in which the monthly payment and APR remain the same throughout the entire loan
7
Adjustable Mortgage Rate
a mortgage in which the monthly payment and APR may change
8
Balloon Mortgage
a mortgage with a very large last payment, other payments are relatively low
9
Foreclosure
the act by a bank of taking possession of a home when the homeowner can't pay the mortgage
10
Homeowner's Insurance
insurance that covers damage to the home and its contents from theft, fire, and other natural disasters
11
Escrow
the bank collects the money from borrowers for insurance and tax purposes and pays those bills for the homeowner when they're due