Buying/Renting a Home

a portion of the purchase price that can be paid at the time of purchase

• graduation payment mortgage

• closings costs

• down payment

• equity

the fees paid at the time of purchase (the houses taxes)

• closing costs

• conventional mortgage

• verbal agreement

• lease

the difference between the market value a of a property and the amount still owed on the mortgage.

• down payment

• sublet

• equity

• lease

a type of mortgage where the borrower pays a fixed rate for the length of the loan

• adjustable mortgage

• conventional mortgage

• graduation mortgage

• balloon mortgage

a loan in which the interest rate changes after a certain amount of time

• adjustable mortgage

• conventional mortgage

• balloon mortgage

• graduation mortgage

the loan starts out low for the first few years and then increases as your income increases. the interest rate stays the same.

• balloon mortgage

• adjustable mortgage

• graduation mortgage

• conventional mortgage

agreements reached through discussion between the landlord and prospective tenant

• verbal agreement

• lease

• written agreement

• sublet

outlines certain provisions, like rental costs, or how long a place can be rented

• verbal agreement

• lease

• written agreement

• sublet

the legal documents that the tenants and landlords sign when agreeing to rent housing.

• verbal agreement

• lease

• written agreement

• sublet

where the tenant who is renting from a landlord, rents our their rented space to someone else.

• verbal agreement

• lease

• written agreement

• sublet