C7 Independent Living

Front

mortgage

Back

a loan for a home

Front

property taxes

Back

taxes on homes / property; also called real estate taxes

Front

market value

Back

the amount for which a home or property can be sold

Front

assessed value

Back

the amount / value used to determine property taxes of a home or property

Front

down payment

Back

a lump sum paid at the beginning of a loan; on a home loan ideally 20% of the price of the home

Front

fixed rate mortgage

Back

a mortgage where the monthly payment and annual percentage rate (APR) remain the same through the entire loan period

Front

adjustable rate mortgage

Back

a mortgage where the monthly payment and annual percentage rate (APR) may change, as specified in the signed agreement

Front

foreclosure

Back

when the bank takes possession of a home and sells it because the homeowner cannot pay the mortgage

Front

private mortgage insurance (PMI)

Back

bank-required insurance that covers a loan (in case it is not paid)

Front

homeowner's insurance

Back

insurance that covers damage to a home due to fire and other natural disasters; also covers the contents in case of theft or vandalism