Buying a house
Flashcard
•
Mathematics
•
12th Grade
•
Easy
+4
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the primary purpose of a home appraisal in the mortgage process?
Back
To assess the market value of the property.
2.
FLASHCARD QUESTION
Front
What is pre-approval in the context of mortgages?
Back
Written proof a lender is willing and ready to lend an individual a specific amount of money for a mortgage based on verified income and assets.
3.
FLASHCARD QUESTION
Front
What happens to the loan amount when you put down a larger down payment?
Back
The loan amount decreases.
Tags
CCSS.8.EE.C.7B
4.
FLASHCARD QUESTION
Front
Which factor affects the monthly payment on a house?
Back
Credit Score.
Tags
CCSS.8.EE.C.7B
5.
FLASHCARD QUESTION
Front
What factors can influence the interest rate on a mortgage?
Back
Credit score, loan amount, loan term, type of loan, economic conditions, lender's policies.
6.
FLASHCARD QUESTION
Front
What is a down payment?
Back
An initial payment made when purchasing a property, typically expressed as a percentage of the purchase price.
7.
FLASHCARD QUESTION
Front
What is a mortgage?
Back
A loan specifically for purchasing real estate, where the property serves as collateral.
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