Mortgage Flashcard

Front

A down payment is ________

Back

Money given to the bank before they can Loan you the rest.

Tags

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

CCSS.L.11-12.4C

CCSS.L.6.4C

Front

What factors impact your credit score?

Back

All of the above: How much debt you have, paying your bills on time, missing payments.

Front

What are your top two priorities when it comes to buying a home?

Back

Consider location and budget.

Front

What does a bank consider before giving a person a mortgage loan?

Back

All of the above: Credit Score, how much you make per year, Employment.

Front

What are the benefits to owning your own home?

Back

All of the above: Make changes whenever you feel like it, Have a place that is yours, Build wealth when you pay it off.

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

Front

What is a mortgage?

Back

A loan specifically for purchasing a home.

Front

What is equity in a home?

Back

The difference between the home's market value and the amount owed on the mortgage.

Front

What is a fixed-rate mortgage?

Back

A mortgage with an interest rate that remains the same throughout the term.

Tags

CCSS.RI.11-12.3

CCSS.RI.7.5

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

Front

What is a variable-rate mortgage?

Back

A mortgage with an interest rate that can change over time.

Front

What is a foreclosure?

Back

The legal process by which a lender takes possession of a property when the borrower fails to make payments.

Tags

CCSS.RI.8.5

CCSS.RI.7.5

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.6.5