Buying a House
Something that you get every time you make a payment on time. Also a score indicates how well you are at making payments on time.
Credit and Credit Score
A structure maintained and used as a single dwelling unit and occupied by a single household.
Single-Family Home
A list factors that influence housing choices:
location, job, roads, schools, crime rate, cost of living, etc.
Modern housing where residents with shared interests, intentions, and values share a living space where they're almost like a big family. Residents typically rent out a room within the residence and share common spaces.
Co-Living Units
You sign a standard rental agreement to live in a home or use an item for a set time is called...
Documentation showing that you have an income that can pay for a house PLUS living expenses (groceries, utilities, etc.)
Proof of Financial Stability
A multi-story house in a modern housing development which is attached to one or more similar houses by shared walls.
Townhome / Condominium
A contract where you rent a property or item with the option or obligation to buy it later is called...
Rent to Own
A single unit (e.g., studio, loft, or one bedroom) consisting of both an office and a residential component that is occupied by the same resident.
Live / Work Housing
The owner of a property where the resident rents (pays a lease.)
"Landlord" (Home Owner)
A letter that is given by your employer / boss letting the bank know you are working there and how long you have worked there.
Proof of Employment
Built in a small lot subdivision which may provide free-standing single-family homes on lots that are smaller than conventional single-family lots.
Small Lot Single-Family Home
A long-term house loan is called...
A mortgage
A small apartment with an open floor plan. It consists of a single room that combines the bedroom, living room and kitchen spaces with a separate room containing a complete bathroom.
Loft / Studios
A person you share your living space or apartment with is called a...
Roommate
Someone who comments on who you are and if you are someone that the rental company should rent to (e.g. employer or previous home owner)
Reference
A smaller, independent residential dwelling unit located on the same lot as a stand-alone (i.e., detached) single-family home.
Accessory Dwelling Unit
To qualify for a mortgage loan, the number one financial consideration when buying a home is...
Debt to Income Ratio: All debt (bills plus house payment) should NOT exceed 40% of your income.
A ___________ is a multi-family home that has two units in one building. Apartments in a duplex will have their own entrances and often have living spaces upstairs and downstairs. The two units will be similar in size.
Duplex
The fixed amount of money you pay every month to live in the property is called...
Rent
An amount of money that you pay on your loan prior to getting your house.
Down Payment
A single building that’s set up to accommodate more than one household living separately.
Apartments
Explain what "earnest money" is?
It shows the potential buyer is really interested in the sellers home.
A ________ is a single building with three apartment units. Like a duplex, these apartment units will have their own entrances, be similar in size and have multiple living spaces.
Triplex
One-time money you pay before moving in. The landlord holds it to cover any damage you might cause, and you get it back when you move out if the place is clean and undamaged is called...
A Security Deposit