Buying vs. Renting

Which of the following is not a basic need? 

• Pool
• Roof
• Bathroom
• Kitchen

Personal qualities that people possess, including creativity, knowledge, skills, time, and experience. 

• Human Resources
• Renter's Insurance
• Closing Cost
• Material Resources

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

• Security Deposit
• Equity 
• Renter's Insurance
• Principal

Fee that covers the cost of any future damage the renter might cause to the unit. 

• Material Resources
• Renter's Insurance
• Security Deposit
• Interest

Tangible assets, such as money, property, supplies, and tools. 

• Material Resources
• Human Resources
• Equity
• Principal

The original amount of a loan

• Equity
• Interest
• Principal
• Security Deposit

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

• Principal
• Earnest Money
• Closing Costs
• Interest

A deposit that a buyer pays to show that they are serious about buying a home. 

• Down Payment
• Security Deposit
• Earnest Money
• Equity

The difference between the market value of a property and the principal owed on the mortgage. 

• Principal
• Interest
• Renter's Insurance
• Equity

A partial payment of cash, at the time of purchase. Usually between 5% and 25% or more of the purchase price. 

• Down Payment
• Equity
• Closing Costs
• Interest