Temp Housing
A home that is rented or leased by the people who live in it
What is an Apartment
The amount of space inside a building. This is the measure of how much space a house or aparment has.
What is Area
A loan taken to purchase a home
What is a Mortgage
How much you can comfortably spend on rent and still have money for other goals
What is the 25% Rule
The person that owns a rented house or apartment
What is a Landlord
The layout of a house or apartment
What is the Floor Plan
The portion of a house you pay for up front.
What is a Downpayment
A ratio of a person's monthly housing expenses to their gross monthly income
What is the Front End Ratio
A person who rents a house or apartment
What is a Tenant
The length of all the sides of a property or a room.
What is the Perimeter.
A mortgage in which the monthly payment and APR remain the same throughout the entire term of the loan
What is a Fixed-Rate Mortgage
A ratio representing a person's total monthly debt to their monthly gross income.
What is Back End Ratio
Money that covers the cost of processing an application for a rental
What is an Application Deposit
The act of legally forcing a tenant to leave a property for failure to comply with the lease agreement
When a lending institution takes possession of a home when a borrower cannot pay for the home
What is Forecloser
When a drawing is drawn in proportion to the actual measurements of the house.
What is Scale
A written agreement between a landlord and tenant detailing the rental amount, length of time the apartment will be rented, and rules and regulations that must be followed by the involved parties
What is a Lease
The money that covers damages caused by a tenant that is held by a landlord when a tenant first moves in. This money is given back to the extent that there are no damages to the landlord's property.
What is a Security Deposit
What is Escrow
What are British Thermal Units