Chapter 7
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Created by:
Kenderious on October 22, 2010
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10 terms
Terms | Definitions |
|---|---|
 Mobility | is the ability to move easily from place to place. |
| Tenant | a person who pays for the right to live in a residence owned by someone else. |
| Landlord | is the person who owns the property that you rented. |
| Lease | a legal document that defines the conditions of the rent agreement between the tenant and the landlord. |
| Equity | is the value of the home less the amount still owed on the money borrowed to purchase. |
| Escrow account | is an account where money is held in trust until it can be delivered to a designated party. |
| Points | extra charges that must be paid by the buyer to the lender in order to get a lower interest rate. |
| Mortgage | is a lone-term loan extended to someone who buys property. |
| Amortization | is the reduction of a loan balance through payment made over a period of time. |
| Refinance | is obtaining a new mortgage to replace an existing one. |
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