Buying a Home

Front

Written proof a lender is willing and ready to lend an individual a specific amount of money for a mortgage based on verified income and asset

Back

Pre-approval

Front

Loan to finance the purchase of real estate

Back

Mortgage

Front

A loan in which the interest rate and payment remain the same for the life of the loan.

Back

Fixed Rate Loan

Front

down payment

Back

An initial cash payment made when something is bought on credit.

Front

Principal is

Back

The amount of money you borrow, or the amount you owe before interest is calculated.

Front

homeowners insurance

Back

Coverage against damages to the house or possessions in the home. Also, liability coverage against accidents in the home or on the property.

Front

Equity

Back

The amount of the house that you have paid for, or the amount you would get if you sold the house.

Front

A policy that covers a renters personal property against loss by theft, fire, or other hazards.

Back

Renter's Insurance

Front

The fee the lending institution charges the buyer to borrow the money.

Back

Interest

Front

Mortgages are generally for ____ to ______ years.

Back

15-30