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Vocabulario de Casas
Misc.
Home Loans
Steps to Buying a Home
Housing Fiasco
100
The cost of borrowing money.
What is INTEREST.
100
Typical down payment today.
What is 3 - 5%.
100
Unconventional loan that could go up or down each month.
What is an ADJUSTABLE RATE LOAN.
100
1st Step.
What is DETERMINE HOME OWNERSHIP NEEDS.
100
CDO.
What is a Collateralized Debt Obligation.
200
The value of your home goes up. Historical average is 1.5% a year after inflation.
What is APPRECIATION.
200
A home loan payment.
What is a MORTGAGE.
200
Typically a fixed rate loan for 30 years.
What is a CONVENTIONAL LOAN.
200
4th Step.
What is PRICE THE PROPERTY.
200
Makes refinancing IMPOSSIBLE!
What is NEGATIVE EQUITY.
300
A TIGER.
What is a PRO to owning your home.
300
Your pay stubs are not required with this type of loan.
What is a NO DOC LOAN.
300
Last Step.
What is CLOSE THE PURCHASE TRANSACTION.
300
Greedy, unregulated, responsible for many sub-prime loans.
What are LOAN ORIGINATORS.
400
This person helps you buy/sell a home.
What is REALTOR.
400
Taking out another mortgage on your home.
What is called TAKING OUT A SECOND.
400
Final payment is much larger than previous payments.
What is a BALLOON LOAN.
400
2nd Step.
What is OBTAIN FINANCING.
400
What people did with the EQUITY they pulled out of their home.
What is SPEND MONEY!
500
Market Value - Loan Amount = _______________
What is EQUITY.
500
Where you can see how much a home is generally worth.
What is ZILLOW.
500
This is a considered a risky loan because the applicants have a low credit score or don't make enough money.
What is a SUB-PRIME LOAN.
500
Middle Step.
What is LOCATE & EVALUATE A HOME.
500
When your loan payment is late.
What is DELINQUENT.