Financial 8.3 Vocab
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Last updated 9:09 PM on 9/4/25
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11 Terms
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Market Value
the amount a house can be sold for
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Property Taxes (Real Estate Taxes)
taxes that are based on the assessed value of the home
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Assessed Value
an assigned value made by the local government on the value of a home for taxation purposes
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Down Payment
the upfront money that is applied to a purchase that is made using a loan
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Mortgage
a loan taken out by people to purchase a house
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Fixed Mortgage Rate
a mortgage in which the monthly payment and APR remain the same throughout the entire loan
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Adjustable Mortgage Rate
a mortgage in which the monthly payment and APR may change
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Balloon Mortgage
a mortgage with a very large last payment, other payments are relatively low
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Foreclosure
the act by a bank of taking possession of a home when the homeowner can't pay the mortgage
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Homeowner's Insurance
insurance that covers damage to the home and its contents from theft, fire, and other natural disasters
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Escrow
the bank collects the money from borrowers for insurance and tax purposes and pays those bills for the homeowner when they're due
Note 
Flashcards (105)