Buying a Home

Buying a Home

Assessment

Flashcard

Social Studies

9th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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22 questions

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1.

FLASHCARD QUESTION

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

2.

FLASHCARD QUESTION

Front

Loan to finance the purchase of real estate

Back

Mortgage

3.

FLASHCARD QUESTION

Front

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

Back

Fixed Rate Loan

4.

FLASHCARD QUESTION

Front

down payment

Media Image

Back

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

5.

FLASHCARD QUESTION

Front

Principal is

Media Image

Back

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

6.

FLASHCARD QUESTION

Front

homeowners insurance

Media Image

Back

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

7.

FLASHCARD QUESTION

Front

Equity

Media Image

Back

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

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