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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 condition of the rental agreement between the tenant and the landlord |
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security deposit |
an amount of money paid by the tenant by the owner of the property to guard against any financial loss that the tenant might cause |
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renters insurance |
The type of insurance that covers the loss of the tenants property as a result of damage or theft |
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equity |
the value of a home minus the amount still owned 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 a property |
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points |
extra charges that must be payed from a buyer to a lender in order to get a lower interest rate |
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amorization |
the reduction of 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 |
a mortgage with an interest rate tat increases or decreases during life of the loan |
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home equity loan |
a loan based on the difference between the current market value and the amount the borrower owes the mortgage |
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refinance |
to obtain new mortgage to replace the existing one |
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closing |
a meeting of the buyer, lender, and seller 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 seller to buyer |
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appraisal |
an estimate of current value of a property |
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lifestyle |
the way you choose to spend your money and time |
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consideration |
matters for thought |
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complex |
difficult |
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sublet |
to have a person other than the original tenant take over the rental unit and payments for the remaining of the lease |
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dwelling |
shelter |
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foreclose |
take possession of a property |
