Personal Finance Chp 7 Review 2

Front

Renting is a wise choice for someone who wants _______

Back

mobility

Front

A _______ is someone who is familiar with the local housing market.

Back

real estate agent

Front

The legal document that defines the conditions of the rental agreement between the tenant and the landlord is called a _______.

Back

lease

Front

The value of the house minus the amount still owed on the money borrowed to purchase it is called _______.

Back

equity

Front

The most popular type of housing in the United States is the _______.

Back

single-family dwelling

Front

A _______ is a person who evaluates a house and land for a buyer.

Back

home inspector

Front

The _______ is the amount that the owner asks for the house.

Back

listing price

Front

A(n) ___________ has an interest rate that increases or decreases during the life of the loan.

Back

Adjustable-Rate Mortgage (ARM)

Front

In the first years of a mortgage, most of the monthly payment goes toward paying off the ___________ .

Back

Interest

Front

When homeowners ___________ , they take out a new mortgage at a lower interest rate.

Back

refinance