Buying a house
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is an escrow account?
Back
An account where funds are held by a third party to pay property taxes and insurance on behalf of the borrower.
2.
FLASHCARD QUESTION
Front
What is a down payment?
Back
An initial payment made when purchasing a property, typically expressed as a percentage of the purchase price.
3.
FLASHCARD QUESTION
Front
What is a credit score?
Back
A numerical representation of a borrower's creditworthiness, used by lenders to assess the risk of lending.
4.
FLASHCARD QUESTION
Front
What are closing costs?
Back
Fees and expenses incurred during the finalization of a real estate transaction, typically paid at closing.
5.
FLASHCARD QUESTION
Front
How does a credit score affect mortgage interest rates?
Back
A credit score helps lenders assess the risk of lending money and can influence the interest rate offered.
6.
FLASHCARD QUESTION
Front
What factors can affect the monthly mortgage payment?
Back
Factors include credit score, interest rate, loan amount, and loan term.
7.
FLASHCARD QUESTION
Front
What is a mortgage?
Back
A loan specifically for purchasing real estate, where the property serves as collateral.
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