EverFi Module 7
Terms in this set (10)
loans to individuals or businesses to purchase homes, land, or other real property
a percentage of increase in the value of the property over it's value when it was originally purchased.
the loss of value of an asset as a result of wear and tear, age, or obsolescence
A tax break used to reward people for investing or spending in a way that promotes economic growth.
rules a tenant must agree to abide by before moving in
a financing agreement in which the last payment of a loan is much higher than the regular monthly payment
A charge or claim which one person has upon the property of another as security for a debt or obligation
The process by which a home owner loses their home due to non-payment of mortgage, violating the due on sale clause, failing to keep taxes and insurance paid, or failing to maintain the home.
Fixed Rate Mortgage
The monthly payment doesn't change, regardless of what happens to market interest rates. No matter how much interest rates fluctuate, your payment remains the same.
Adjustable Rate Mortgage
also known as a variable-payment mortgage has an interest rate that increases or decreases during the life of the loan