Housing Unit Study Guide

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Mortgage principal

Back

The amount of money borrowed to buy a home, excluding interest.

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Equity

Back

The difference between the market value of a property and the amount owed on it.

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House poor

Back

A situation where a person spends a large portion of their income on home ownership expenses, leaving little for other needs.

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Leasing contract

Back

A legal agreement between a landlord and tenant outlining the terms of renting a property.

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Fixed-rate mortgage

Back

A home loan with an interest rate that remains the same throughout the term of the loan.

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Amenities

Back

Features or services that add value or comfort to a property, such as a pool or gym.