Homeownership wk 1

Front

What is the definition of ethnicity?

Back

Ethnicity is the quality or fact of belonging to a population group or subgroup made up of people who share a common cultural background or descent.

Front

What is collateral in the context of loans?

Back

Collateral is something pledged as security for repayment of a loan, to be forfeited in the event of a default.

Front

What does gentrification refer to?

Back

Gentrification is the process of change in the character of a neighborhood through the influx of more affluent residents (the 'gentry') and investment.

Front

What is foreclosure?

Back

Foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

Front

What are seaboards?

Back

Seaboards refer to a region bordering the sea; the coastline.

Front

What are the implications of defaulting on a loan?

Back

Defaulting on a loan can lead to the loss of collateral and negatively impact credit scores.

Front

How does gentrification affect local communities?

Back

Gentrification can lead to increased property values and displacement of long-term residents, altering the social fabric of local communities.

Front

What are the potential benefits of homeownership?

Back

Benefits of homeownership include building equity, tax advantages, and stability in housing costs.

Front

What is the role of a mortgage in homeownership?

Back

A mortgage is a loan specifically used to purchase real estate, where the property serves as collateral.

Front

What factors can lead to foreclosure?

Back

Factors leading to foreclosure include job loss, medical emergencies, and inability to keep up with mortgage payments.