Buying or Renting Test

A written estimate of the value of something.

• Closing

• Cost

• Appraisal

• Deed

The maximum amount of money that can be loaned to you

• Credit Report

• Credit Limit

• Credit Card

• Credit Score

A standardized way of showing you the total cost of borrowing money.

• Annual Percentage Rate (APR)

• Credit Limit

• Equity

• Default

The delivery of a deed, financial adjustments, the signing of a note, and the disbursement of the funds necessary to consummate, or close, the sale or loan transaction.

• Deed

• Default

• APR

• Closing

A record of your personal credit history.

• Credit Card

• Credit Report

• Credit Score

• Closing

The difference between how much your property is worth and how much you still owe on your mortgage

• Mortgage

• Deed

• Closing

• Equity

The failure to make payments on a timely basis or in accordance with the terms of your promissory note.

• Equity

• Deed

• Default

• Eviction

This document shows that an owner of a piece of real property has title to that property.

• Deed

• Equity

• Eviction

• Lease

An interest rate that never changes over the life of a loan.

• Fixed Rate

• Adjustable Rate

• Balloon Loan

• Interest Rate

This is your total income before any deductions such as taxes, 401(k) contributions, Medicare, or Social Security contributions.

• Income

• Net Income

• Average Income

• Gross Income