Enter Title

Renting Basics

100

Renting gives you flexibility but does not build this
 

Equity

200

This is money held in case of damages

Security deposit

300

This is an advantage of renting

Flexibility

400

This is a disadvantage of renting

 No equity

500

Rent + deposit + fees equals this

Move-in cost

Buying a Home:

100

This is the upfront % you pay when buying a home

Down payment

200

This is the loan used to buy a house

 Mortgage

300

This is one cost of owning a home besides mortgage

 Taxes / insurance / repairs

400

This is money you build when buying a home

 Equity

500

This is paid upfront besides down payment

Closing costs

Loans & PMI:

100

This loan type usually requires 3%–20% down

Conventional loan

200

This insurance is required if you put less than 20% down

PMI

300

This loan type is popular for first-time buyers with 3.5% down

FHA loan

400

This loan type can have 0% down for military

VA loan

500

PMI protects this group

The lender/bank

Lease Agreements:

100

This is a legal contract between tenant and landlord

Lease

200

This fee is charged when rent is late

Late fee

300

This part tells how long you stay

 Lease term

400

This explains what happens if you break the lease

Termination clause

500

This rule explains who can live there

Occupancy

Real-Life:

100

If your roommate doesn’t pay rent you must do this

Cover their portion

200

You leave a lease early and must pay this

Termination fee / penalty

300

You sublease and the person doesn’t pay—who is responsible?

You

400

$1,600 split between 4 roommates

$400

500

You are approved for a $250,000 home, but your budget is tight. What is the smarter financial decision?

Buy a cheaper home/stay within your budget