Mortgages

Front

What happens if you are unable to repay your mortgage?

Back

The bank might sell your home to recover its investment.

Tags

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.5

Front

Why would someone choose a short-term mortgage despite higher monthly payments?

Back

You pay less interest in total.

Tags

CCSS.8.F.A.2

CCSS.HSF.IF.C.9

Front

What factor will a bank consider when approving a mortgage?

Back

Your salary.

Front

What is an investment?

Back

A way to grow your money over time.

Tags

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

What is one advantage of making a larger down payment?

Back

You will need a smaller loan.

Tags

CCSS.7.RP.A.3

Front

What is a mortgage?

Back

A loan specifically for purchasing property.

Tags

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What is the principal in a mortgage?

Back

The original amount of money borrowed.

Front

What is interest in the context of a mortgage?

Back

The cost of borrowing money, usually expressed as a percentage.

Tags

CCSS.7.RP.A.3

Front

What is a down payment?

Back

An initial payment made when purchasing a property, usually a percentage of the total price.

Tags

CCSS.6.RP.A.3C

Front

What does it mean to default on a mortgage?

Back

Failing to make the required payments on the loan.

Tags

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C