Terms in this set (20)
A financial institution, they store and lend money. Have the ability to foreclose on your house.
When you pay every 3 months, 4 times per year.
When a bank repossess your home, when you are not making payments.
A sum of money, usually 1 or 2 months rent, held to cover repairs of any damage done to a rental property.
Fees for transferring ownership of real estate. Covers attorney fees, title, surveys, taxes.
A loan, usually 15-30 years long, has foreclosure clauses included.
Fixed Interest Rate
Interest rate is locked.
Variable Interest Rate
Bank can change interest rate.
A cooperative living situation, like condos, where is a board and general shared spaces.
Money paid up front, reduces loan amount. Real estate 20% is normal.
A bank account for holding someone else's funds.
Physical piece of paper, that holds all of the agreed upon terms for that deal.
Real Estate Tax
Taxes paid on your property, mostly used for schools.
25% Income Rule
When renting do not budget more than 25% of gross pay.
35% income rule
When buying property do not spend more than 35% of your income.
A legal requirement has to be addressed before selling a piece of real estate.
The person who is renting property
Owns property and rents it to people.
Personal Mortgage Insurance(PMI)
Fees paid to mortgage banks, to insure that you will make your payments, when you have less than 80% equity.
Insurance for repairs on your house, or if someone gets hurt on your property.
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