House Buying and Renting

Money that you pay each month to live somewhere that you do not own.

• rent

• buy

• lease

legal document tenants and landlords sign when agreeing to rent housing for a specific period.

• rent

• lease

• buy

• mortgage

a long term loan for a home. Requires monthly payment typically over a 15 or 30 year period.

• lease

• closing

• mortgage

• appraisal

Fees and charges associated with the purchase of a property. Paid at time of settlement and transfer of property to new owner.

• renter's insurance

• down payment

• assets

• closing costs

A rejection of an offer to buy or sell, by a seller or buyer, with a simultaneous substitute offer.

• liabilities

• counter offer

• earnest money

• tenant

An evaluation or estimate of the current value of the property. (Condition of structure, location, selling costs of similar homes in the area, neighborhood etc.)

• appraisal

• inspection fees

• evict

• amortization

a tax on the value of real estate (land and structures)

• earnest money

• property tax

• escrow

• home equity

Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed.all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed.

• true

• false

property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies

• mortgage

• escrow

• landlord

• assets

a thing for which someone is responsible, especially a debt or financial obligation.

• liabilities

• assets

• home equity

• sublet