Loans Cars and Housing

Front

PMI is

Back

Private Mortgage Insurance

Front

The gradual decrease in the value of an asset is called

Back

depreciation

Front

A car loan is an example of

Back

installment loan

Front

When you lease a car, you are the lessee.

Back

True

Front

Owing more on an asset than its worth is called being

Back

underwater or upside down on the loan

Front

A loan obtained when you purchase a home and use the home as collateral is known as

Back

mortgage

Front

The difference between what you owe on your home and the balance of the mortgage on the home is called.

Back

equity

Front

When the bank takes possession of the home because the borrower has failed to make the payment of the loan. It is called a mortgage.

Back

False

Front

An account for holding money in a trust for others is called a escrow account.

Back

True

Front

A type of mortgage that allows interest rate to change is called.

Back

adjustable rate mortgage