Unit 4 Purchasing a Home

Front

What is a mortgage?

Back

A loan used to buy a home or other real estate

Front

What does the term "mortgage rates" refer to?

Back

The interest rate charged on a mortgage loan

Front

What is a down payment?

Back

Initial payment made by the buyer when purchasing a home

Front

What is the final step in the home-buying process?

Back

Closing

Front

What is the difference between prequalification and pre approval?

Back

Prequalification is an estimate, while pre approval is a thorough process.

Front

What are property taxes?

Back

Taxes paid by homeowners based on the value of their property

Front

What does the term "accepted offer" mean in real estate?

Back

An agreement between a buyer and seller on the sale terms

Front

What is a credit score?

Back

A numerical representation of an individual's creditworthiness.

Front

What are judgments in the context of real estate?

Back

Legal decisions that may impact a person's credit score and ability to secure loans

Front

What is the process of determining whether a person meets the requirements to obtain a mortgage loan called?

Back

Qualification