Terms
Terms, Part II
Buying a House
Renting
Other
100
A long-term loan extended to someone who buys property
What is a mortgage.
100
A meeting of the seller, buyer, and the lender of funds, or representatives of each party, to complete the transaction.
What is closing.
100
Determine your Home Ownership Needs
What is Step 1 of Buying a Home.
100
Mobility and Fewer Responsibilities
What are advantages of renting
100
Percentage you should put down for a down payment on a home.
What is 20%
200
A person who pays for the right to live in a residence owned by someone else.
What is a tenant
200
The ability to move easily from place to place
What is mobility.
200
Obtain Financing
What is Step 4 of Buying a Home
200
Legal Issues
What are disadvantages of renting
200
Percentage of homes that are sold without a real estate agent
What is 10%
300
An amount of money paid to the owner of the property by a tenant to guard against any financial loss or damage that the tenant might cause.
What is a security deposit.
300
The official document transferring ownership from seller to buyer
What is a deed.
300
Close the Transaction
What is Step 5 of buying a home
300
A legal document that defines the conditions of the rental agreement between the tenant and the landlord.
What is a lease.
300
Percentage of commission real estate agents get for selling your home
What is 5-7%
400
The reduction of a loan balance through payments made over a period of time.
What is amortization.
400
An account where money is held in trust until it can be delivered to a designated party.
What is an escrow account
400
Price and Property
What is Step 3 of Buying a Home
400
The person who owns the property that is rented
What is a landlord.
400
Obtaining a new mortgage to replace an existing one
What is refinancing
500
The value of the home less the amount still owned on the money borrowed to purchase it.
What is equity.
500
A special policy that protects the lender in case the buyer cannot make payments or cannot make them on time
What is Private Mortgage Insurance
500
Find and Evaluate a Property to Purchase
What is Step 2 of Buying a Home
500
A type of insurance the covers the loss of a tenant's personal property.
What is renters insurance.
500
Extra charges that must be paid by the buyer to the lender in order to get a lower interest rate.
What are points.
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