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26 Cards in this Set
- Front
- Back
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Mobility |
The ability to move easily from place to place |
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Tenant |
A person who pays for the right to live in a residence owned by someone else |
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Landlord |
The person who owns the property that is rented |
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Lease |
A legal document that defines the conditions of the rental agreement between the tenant and the landlord |
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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 |
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Renters Insurance |
A type of insurance that covers the loss of a tenant's personal property as the result of damage or theft |
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Equity |
The value of a home minus the amount still owed on the money borrowed to purchase it |
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Escrow Account |
An account where money is held in trust until it can be delivered to a designated party |
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Private Mortgage Insurance (PMI) |
A special policy that protects a lender in case a buyer cannot make payments at all or on time |
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Mortgage |
A long-term loan extended to someone who buys property |
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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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Fixed-Rate Mortgage |
A mortgage with a fixed interest rate and a fixed schedule of payments |
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Adjustable-Rate Mortgage (ARM) |
A mortgage with an interest rate that increases or decreases during the life of a loan |
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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 |
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Refinance |
To obtain a new mortgage to replace an existing one |
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Closing |
Meeting of a seller, a buyer, and a lender of funds to complete a transaction |
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Title Insurance |
A type of insurance that protects the buyer if problems with the title are found later |
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Deed |
Official document transferring ownership from the seller to the buyer |
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Appraisal |
An estimate of the current value of a property |
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Lifestyle |
The way you choose to spend your time and money |
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Consideration |
Matters for thought |
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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 an payments for the remaining term of the lease |
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Dwelling |
Shelter |
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Foreclosure |
Take possession of the property |
