Types of Mortgages
Home loan that is not backed by the federal government, but conforms to the guidelines set by Fannie Mae and Freddie Mac. Have either a fixed or adjustable rate.
What is a conventional mortgage?
This percentage of your paycheck should be allotted to pay for essentials (groceries, bills, rent/mortgage, debt payments, and insurance).
What is fifty percent?
This is the depositing of money, legal documents, and instructions with a third party to be held until the conditions of a contract are fulfilled.
What is escrow?
This is primarily for health insurance; the amount owed each time you visit the doctor.
What is a co-pay?
This is free work/time provided for free to benefit other people.
What is community service?
A mortgage in which the entire remaining balance of the loan is due in one single payment.
What is a balloon mortgage?
This percentage of your money should be spent on dining, entertainment, or ordering out.
What is thirty percent?
This is the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes.
What is philanthropy?
This is the amount paid to the insurance provider every month in order to maintain an insurance plan.
What is a premium?
Examples of this type of philanthropy are AmeriCorps, AmeriCorps Seniors, federal education, and social services.
What is national service?
A mortgage in which the interest rate does not change during the entire term of the loan.
What is a fixed rate mortgage?
This percentage of your pay check should be put into personal savings or investments.
What is twenty percent?
This is a trust created by a property owner during his/ her life time for the purpose of providing financial care for the family or self.
What is a living trust?
This is measured on a yearly basis; refers to the amount you must pay before your insurance provider begins to cover costs.
What is a deductible?
This type of philanthropy is defined by integrating academically relevant service activities that address human and community needs into a course.
What is service learning?
This is a type of subordinate mortgage taken out while the original, or first, mortgage is still being repaid.
What is a second mortgage?
This is a set of goals for saving, spending, and investing the money you recieve.
What is a financial plan?
This is a specified interval of income to which a specific and unique marginal tax rate is applied.
What is a tax bracket?
This amount of money will be paid if your car insurance has a deductible of $1,000 and you get into an accident that causes $14,000 in damage before the insurance company will pay the rest.
What is one-thousand dollars?
Examples of this type of philanthropy are American Red Cross, Goodwill, and Feeding America.
What is a non-profit?
What is a jumbo mortgage?
This is the income remaining for a person to spend or save after all taxes have been paid.
What is disposable income?
This is the cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.
What is an APR (Annual Percentage Rate)?
These are the different types of insurance.
What are homeowners, health, life, car, travelers, and personal property?
This is the difference between donating to a 503(C)(3) and a charity.
What are tax deductibles?