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10 Cards in this Set
- Front
- Back
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Mortgage |
A loan used to purchase property. |
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How can a down payment help you?
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It lowers the initial amount of whatever you are buying. |
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Utility |
A commodity or service such as electricity, water, or public transportation that is provided by a public utility. |
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Equity |
The current market value of a home minus the outstanding mortgage balance. |
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Fair Housing Act |
Prevents discrimination in buying a house due to race, age, national origin, gender etc. |
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Single-Family Home |
A house built big enough to fit one family. Often provides more privacy. |
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What is an advantage of owning a home? |
It's your own house. |
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What is a disadvantage of owning a home |
You are responsible for all maintenance. |
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How can owning a home help your credit? |
By always paying your payments on time. |
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True or false. the interest rate on conventional mortgage always remains the same? |
True |
