Intro to Real Estate

The total amount still owed on a house is the ___________________.

• leasing principal

• charter amount

• mortgage principal

• equity

You'll want to have a(n) _________ of 10-20% of the total cost of the house you want to buy.

• investment

• down payment

• budget

• cost of living

_______________ means you pay someone else each month for a place to live.

• house poor

• equity

• owning a home

• renting

_______________ refers to the average amount needed for housing, food, clothes, and other goods and services.

• budgeting expenses

• cost of living

• renter's cost

• standard of living

__________ is the difference between what a house is worth and what is still owed on it.

• equity

• mortgage

• investment amount

• life of the loan

Apartment ______________ such as a pool, fitness center, and other perks are nice but usually mean higher rent prices.

• upgrades

• luxuries

• amenities

• benefits

A fixed-rate mortgage means your payment and interest rate won't

• change for the life of the loan

• change for the first five years of the loan

• stay the same until your principal is paid down by 20%

• stay the same during the first five years of the loan

Another word used for "renting" is:

• buying

• leasing

• investing

• owning

What does the A stand for in the home loan option referred to as an ARM?

• Adjustable

• Automatic

• Adaptable

• Administration

A loan obtained for a home purchase is a(n)

• equity

• inspection

• lease

• mortgage