Buying a House

Front

loan

Back

Money borrowed, must be repaid with interest

Front

earnest money

Back

A deposit made to a seller showing the buyer's good faith in a transaction. Refundable with some conditions.

Front

closing costs

Back

Fees paid at the sale of a home. May be paid by either the buyer or the seller.

Front

In the early years of a 30-year mortgage loan, most of the payment goes to interest.

Back

most of the payment goes to interest.

Front

Mortgage

Back

A bank loan for the purchase of a home

Front

Loan principle

Back

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

Front

The cost of borrowing money is referred to as...

Back

interest

Front

To build a good credit history you should: pay on time and as much of your balance as possible.

Back

pay on time and as much of your balance as possible

Front

Can certain places you move be cheaper than other places and will that effect you salary based on that difference?

Back

true - will and can lower or raise your salary based on your other payments.

Front

What information do you need to provide lenders to get preapproved for a mortgage?

Back

Pay stubs, credit check, bank statements; Down payment amount and desired mortgage amount; W-2 statements and signed, personal and business tax returns; All of the above