Housing Flashcard

Front

Adjustable Rate Mortgage (ARM)

Back

A mortgage in which the interest rate is adjusted up or down periodically

Front

Assessed value in real estate

Back

The value assigned to the property by the city or county for tax purposes

Front

What are closing costs?

Back

Fees that must be paid before the sale of a home can be finalized

Front

Eviction

Back

The legal process of removing a tenant from rental property

Front

Fixed rate mortgage

Back

A mortgage that guarantees a fixed or unchanging interest rate for the life of the loan

Front

Who is a landlord?

Back

The owner of rental property

Front

Lease

Back

A written agreement that allows a tenant to use property for a set period of time at a set rent payment

Front

Market value

Back

The highest price the property will bring on a competitive open market

Front

What is a mortgage?

Back

A home loan where the home is used as collateral

Front

What is a security deposit?

Back

An amount of money a renter pays a landlord to insure against damages