Loans
The real estate agent's commission is typically paid by which party?
What is the Seller?
A reporting agency that collects and sells credit information about individuals borrows is.
What is a Credit Bureau?
If you have a high-risk hobby, then you could be required to pay ____ for life insurance than others.
What is More?
Always paying _____ does not help establish a high level of creditworthiness.
What is Cash?
The loss of value of an asset that occurs over a period of time is known as this.
If the interest rate does not change over the life of your mortgage, you have this type of rate.
What is a Fixed-Rate Mortgage?
Paying a loan on schedule helps to establish this.
What is Credit?
The need for life insurance increases after this major life event.
What is Having Children?
This type of card is linked directly to your checking account.
What is a Debit Card?
What is Insurance?
An escrow account collects additional money to help cover what payment?
What is Property Taxes?
To determine what kind of loan payment you can afford, you should calculate an affordability ratio. To do that you take your monthly mortgage payment divided by what?
What is your Monthly Gross Income?
Involves abstaining from any activity that will affect an individual financially.
What is Risk Avoidance?
The purpose of a credit investigation is to evaluation the kind of ____ you pose to the lender.
What is Risk?
A legal claim that allows creditors to liquidate loan collateral.
What is a Lien?
The sum of money the home buyer pledges with the intent to purchase a home is known as this.
What is Earnest Money?
This type of loan involves a large one-time payment made at the end of the loan.
What is a Balloon-Payment Loan?
The choice to accept and bear the risk of loss is known as this.
What is Risk Assumption?
Using _____ is not an ideal way to meet basic living expenses.
What are Loans / Credit?
This helps a buyer know ahead of time the specific mortgage amount they will be eligible for.
What is Prequalification?
This is paid by the borrower during the final step of a real estate purchase.
What is Closing Costs?
This component carries the most weight in delivering a FICO score.
What is Payment History?
Employers often provide this type of life insurance as a fringe benefit for their full-time employees.
What is Group?
If you pay your credit card balance off each month, you can avoid paying this charge.
What is Interest?
The "5 Cs of Credit" are:
What is Character, Capacity, Collateral, Capital, and Condition?