Chapter 12 Flashcards
The value of your house over and above the mortgage
Equity
Listing service realtors use
MLS
Protects you against an ownership claim
Title insurance
Loan secured by collateral of a specific real estate property
Mortgage
Shows where your property lines are
Land survey
The face value of your mortgage, not including interest
Principal
An increase in value
Appreciation
An agreement that ensures the structural soundness of a home
Home warranty
T/F baby step 7 is to pay off your house
False- baby step 6 pays off your house
T/F- The best mortgage is an adjustable rate mortgage
False- 100% down plan is best
T/F- a real estate agent is usually well worth the commission
True
T/F- friends or relatives make the best real estate agents
False- you need someone with no emotions strings
T/F- your rent or mortgage payment should be at least 25% or more of your take home pay
False- no more than
What type of mortgage is an ARM
Adjustable rate mortgage
An opinion of value on a home
Appraisal
a home loan In which the interest rate will change periodically
ARM
A regular mortgage obtain through the federal national mortgage association
Conventional loan
The appearance of a home from the street
Curb appeal
A homeowner receives money from the lender secured by the value of a home and does not pay the loan back as long as he or she lives there
Reverse mortgage
PMI
Private mortgage insurance
Mortgage loans that are generally give them to people who otherwise would be unable to qualify for a conventional home mortgage loan
FHA Loan
And interest rate that stays the same throughout the term of the loan
Fixed rate
Often hired by a potential home buyer to provide a written report about the properties condition and a list of necessary or recommended repairs
Home inspector
When a property buyer finances the purchase directly through the person or entity selling it
Owner financing
Many people on the use of a property for a certain amount of time per year
Time share
