Credit
What is the initial amount that we borrow on a loan called?
Principle
What is a fixed interest rate?
One that does not change
The most important Risk management tool is?
Insurance
What is the contract that we sign to rent an apartment?
Lease
What is the best way to build our credit score?
Have multiple credit cards and pay them off each month.
The amount that we are charged to borrow money represented by a % is called?
Interest
What is a variable interest rate?
One that changes
The amount that we pay out of pocket when we make an insurance claim.
What is a home loan called?
Mortgage
What career is impacted by the increased sale of homes?
Real Estate Broker
What numbers do credit scores range from?
300-850
When taking out a mortgage for 30 years what type of interest rate would I want?
Fixed
What is the premium on insurance?
The monthly payment we make for our insurance.
15 or 30 years
What is Foreclosure?
A legal proceeding for your home if you have not made your payments.
The principle plus interest that has already accrued is called?
Compound Interest
If I can pay off a loan quickly what type of interest rate would I want? DAILY DOUBLE
Low variable
If I have a higher deductible what will happen to my monthly premium?
It will get lower
What type of interest do home loans have?
Compound and Fixed
What information will a landlord use to consider renting their property to a prospective tenant?
Credit Report
What are the two things that show up on a credit report?
Credit Score and Credit History
What is a down payment?
Money that we save up to put towards securing a loan for a major purchase
What is the advantage of putting your assets into a trust? DAILY DOUBLE
You will avoid probate and taxes
How does APR differ from the interest Rate?
How long does chapter 7 bankruptcy stay on your credit report?
10 years