Key Words 1
Down Payment
Initial payment for property
(true or false) In renting a house there are no tax benefits ??
true
Maintenance
necessary cost for upkeep
Within buying a home is not a liquid asset, hard to get rid of?? (True or false)
true.
What does PMI stand for??
Private mortgage Insurance
What are Property Taxes and real estate taxes?
property taxes- property owners pays
real estate tax- form of property tax
yes, you can be evicted
Equity
The shareholders' stake in the company, identified on a company's balance sheet.
is more responsibility a drawback??
yes
What are the 2 types of mortgages
Fixed & Adjustable rate mortgages (ARMs)
What are HOA fees
monthly fees paid by some type of residential property owners
What is the term you are bounded by called??
lease term
an example of good and bad investment
good - A house un good schooling that's in poor condition
bad- A house in bad schooling areas that's in good conditions
true are false- do monthly expenses vary ??
True
What happens when payments are missed?
Series of notices and documents sent months before foreclosure
Mortgage vs. Rent
Mortgage is an agreement allowing buyer to loan money to pay for the house while Rent is paying owner for the property
What are 3 benefits to renting a home
1. short-term
2. Less up-front charge
3. Less responsibility
PMI
Protects the lender if you stop making payments towards the loan
what are the 3 benefits to buying a home
1. long-term
2. stability
3. builds equity
How long is fixed and adjustable rate mortgages
Fixed- 15-30 years
Adjustable rate- 3,5,7 or 10
principal
The amount of the actual loan (money obtained by customer)
When renting a home who determines your pay ?
The landlord determines rent you pay
Realtor fees (who pays them)
Home sellers usually pay realtor fees or (commission)
When buying a house it provides what ?
A sense of stability (your house is yours)
what is a mortgage
A loan to purchase real estate in which the property serves as the collateral