Need to KNow
Name a major upfront cost assoicatied with buying a home?
What is a down Payment
This law prevents discrimination in housing
What is the Fair Housing Act?
This schedule shows loan payments over time
What is amortization schedule?
This score affects loan approval
What is credit score?
This monthly bill covers electricity, water, and gas
What are utilities?
What Builds wealth ?
What is Equity
This law requires lenders to disclose loan terms
What is Truth in Lending Act?
This part is a bulk of your payment which is money being repaid to the lender and not going towrds you owning the home?
What is interest?
This shows your income vs debt
What is debt-to-income ratio?
This fee is common in condos and covers shared spaces
What is HOA fee?
This usually has a lower upfront cost?
What is renting
This law prevents credit discrimination
What is Equal Credit Opportunity Act?
This part reduces the loan balance
What is principal?
This document proves your earning
What is pay stub/W-2?
This type of cost is unexpected, like fixing a roof
What is maintenance/repair cost?
What is it called when your making your house payment
What is paying a mortgage
This protects renters from unsafe housing
What are tenant protection laws?
Calculate: $1,200 mortgage + $300 utilities + $200 maintenance
What is $1,700?
This mortgage type has the same interest rate the whole time
What is a Fixed Rate
This service cost may include trash, internet, or lawn care
What are service costs?
An expert estimate of how much a property is worth
An appraisal?
These laws apply at both state and federal levels
What are housing laws
Over time, more of your payment goes toward this instead of interest
What is principal?
This determines if a lender approves your loan
What is loan approval/underwriting?
Calculate: $150 utilities + $200 HOA + $100 maintenance
What is $450?