A Home of My Own

A legal contract where one person lends something to another person for a specified time usually in exchange for payments.

• lease

• mortgage

• equity

A specific type of loan for the purchase of a home. You make a promise to the lender to repay the loan, with interest, during the course of 15 or 30 years.

• lease

• mortgage

• equity

The value of an asset (such as your home or vehicle) minus what you owe on any loans connected to it.

• lease

• mortgage

• equity

A word meaning protection from loss.

• insurance

• peril

• guarantee

An insurance term for the cause of a possible loss, like a fire.

• insurance

• peril

• guarantee

A promise or assurance to assume responsibility for something.

• insurance

• peril

• guarantee