Housing Unit Test Review

Fees you pay your lender at the time you buy a house. These costs can include fees for appraisal, title insurance and inspections.

• Mortgage

• Closing Costs

• Property Tax

• Down Payment

A condition that must be met before a sale is finalized

• Contingency

• Counter offer

• 28-36 Rule

• Rule of three

A loan that is taken out by people and businesses to buy real estate without paying the entire price up front.

• Home Equity Loan

• VA Loan

• Mortgage

• Personal Loan

An agreement where a third party holds assets or money during a transaction.

• Down Payment

• Escrow

• Home Equity

• Contingency

An examination to certify the condition of a home, including the roof, foundation, basement.

• Home Appraisal

• Home Inspection

• Home equity

• Contingency

A guideline that a person should spend at most 28% of their gross income on their housing costs and 36% of their gross income on total debt payments.

• Rule of three

• 28-36 Rule

• Property Tax

• Mortgage

A document from a lender that states how much and what type of loan you are expected to qualify for.

• Preapproval

• Counter offer

• Contingency

• Closing Cost

A response to an offer that suggests specific changes.

• counteroffer

• contingency

• closing costs

• acceptance

Taxes paid by homeowners to the local government for things like public schools, roads and fire departments.

• Capital Gains Tax

• Sales Tax

• Property Taxes

• Income Taxes

An estimate of a home's value based on its features and the value of comparable homes.

• Home Equity

• Home appraisal

• Down Payment

• Home Inspection