Vocab.
A person to whom a check is written.
What is payee?
Account where you put money and it builds using interest.
What is savings account?
Keep credit utilization under __%.
What is 30%?
Type of mortgage for a house that is really expensive.
What is Jumbo?
Inflation refers to:
What is rising prices?
A court-ordered sale of a property caused by default (non-payment) of a mortgage loan.
What is foreclosure?
Type of savings account that cannot be accessed for a stated amount of time.
What is CD (Certificate of Deposit)?
Impacts credit score for 35%.
What is payment history?
An account that prepaid amounts are put into (like taxes and insurance) that the bank holds and then uses to pay annually.
What is Escrow?
______ would not be listed as a liability on your balance sheet.
What is Savings accounts?
Credit card company, bank, mortgage company, retail stores that offer credit accounts, auto loan company.
What are examples of lenders?
First type of account you should apply for.
What is checkings account?
Credit score of 650 is considered a ______ credit score
What is Fair?
Type of mortgage that benefits Veterans.
What is VA?
Funds in a ______ must remain on deposit for a stated time period in order to avoid an interest penalty.
What is certificate of deposit?
Checks that have not been deducted from the bank statement balance yet.
What are outstanding checks?
A savings account that requires a minimum balance and earns interest that varies from month to month (can write checks from this type of account).
What is Money market account?
List credit agencies (At least 2).
What is Experian, Transunion,and Equifax?
Loan Balance
--------------- ====== __________
Property Value
What is LTV Ratio?
If your total assets equal $50,000 and your total liabilities equal $15,000; Your debt ratio is:
What is 30%?
"Private Mortgage Insurance". Insurance that protects the lender against default. You don't have to pay this when you have at least 20% of equity in the home.
What is PMI?
FDIC stands for.
What is Federal Deposit Insurance Corporation?
Credit Karma, employment (Background check), and Landlord (Prerental screening) are all examples of _______.
What is Soft inquiry?
Type of mortgage to buy farm land.
What is USDA?
A _____ is an agency that provides credit information about individual borrowers to lenders.
What is credit bureau?