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Housing Mortgage Vocab Advantages True or False
The down payment to purchase a home should
be
___ % of the purchase price.
The market value of houses tend to __________
over time.
What is appreciate?
The _________ (buyer or seller) pays for the closing
costs.
What is
the buyer?
True or False
Real estate agents earn a commission as a
percentage of the sale of a house
Yes or No
When you have 100% equity in your home, are you
still paying a mortgage?
What is no?
You have complete ownership.
This is a mortgage where the interest
rates do not change during the term of
the loan.
What is
a fixed rate mortgage?
True or False
Paying extra on your mortgage will shorten the term of
the loan.
Your monthly mortgage payment should be no more than ____% of your gross
monthly income.
In the early stages of a mortgage, most of the payment goes to the
interest or the principal balance?
What is interest?
Name three things you can do to lower your cost of buying a home after you
have decided upon a home to purchase.
What is get the lowest interest rate
on a mortgage, shorten the term of the loan, and make
a large down payment?
A legal document that transfers title of real
property.
A financial claim on property.
A written history of all transactions related to
the property.
What is an abstract?
The ownership of subsurface property.
What are mineral rights?
When the government takes private property for public use with just
compensation.
What is eminent domain?
Less restrictions on improvements to your
living space and property are advantages to
__________ (renting or buying) a home.
A smaller amount of cash upfront is an
advantage to __________ (renting or buying) a
home.
Tax deductions are associated with
________ (renting or buying) a home.
Increased mobility is an advantage associated with _________ (renting
or buying) a home.
Equity is an advantage to ________ (renting or buying) a
home.
What is buying a home?
The two basic types of mortgages are fixed rate
and adjustable rate.
A lease is a written agreement that allows a tenant to use property,
provides specifics, and is binding.
There are no counteroffers when making an offer to purchase a home.
It is best to have just one real estate agent to represent the buyer
and the seller.
There is a risk of lost equity when you do not pay your rent on time.
The down payment on a home is
deducted from the price to determine the amount of your
mortgage.