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6.03Personal Finance

Housing Options

apartment A building that houses more than one family in separate living units
condominium A building that houses more than one family; each person owns walls and air space of the unit
cooperative A person buys shares in a corporation that owns the property; owners pay fees for maintenance and service costs, building mortgages, and taxes; co-op determines management, restrictions, and operating policies
single-family House A custom-built, development, modular, or kit house or townhouse
manufactured "mobile" home A single-wide or double-wide moveable home
duplex A building that contains two separate living units
townhouse A dwelling of two or three stories that attaches at sidewalls to other units; each person owns walls and air space plus property rights and yard of the unit
residence hall A living space on college/university campuses available to attending students only
rent/lease To pay a security deposit and monthly payments to a landlord
buy To purchase with cash or through a down payment plus monthly mortgage loan payments
maintenance Tasks involved in keeping a home liveable and functional---cutting grass, changing light bulbs, making minor repairs, painting, cleaning gutters
equity Ownership; the value of property owned
mobility The ability to move quickly and easily
tax benefit Any condition that qualifies a person for a tax credit or deductible expense
lease A legal agreement between a landlord and a tenant stating terms agreed upon by both
lessee A person who leases or rents a living space
lessor A person who owns a living space that is rented/leased; a landlord
security deposit Money paid by lessee to lessor in advance of occupance of living space; used to pay costs of any damages done to property while occupied
sublet When a tenant finds another person to live in his/her leased space
condition Any stipulation or requirement that is agreed upon in a lease
eviction A legal notice to a lessee to move out of a property
Classified ads Newspaper ads showing available homes for sale
open house An opportunity for interested buyers to walk through a home that is for sale
real estate agent A professional person who buys and sells homes
earnest money A deposit to prove that a buyer is serious about purchasing
contingency Any condition that must be met in order for a home buying deal to occur
down payment Part of the purchase price for a home that is paid in cash up front
closing The final step in buying a home where conditions of purchase are me; all parties must be present---buyer, seller, lender, real estate agent, attorney
closing costs Fees that must be paid by the buyer or seller at the time purchase is finalized
monthly loan payments Mortgage payments paid by the buyer to the lender each month
continuing costs Property tax, insurance, and associated fees
escrow account Money in a bank account held in trust to pay taxes and insurance when due
conventional (fixed rate) mortgage Interest rate and monthly payment amount remains the same for the life of the loan
adjustable rate mortgage (ARM) Interest rate changes to reflect changes in the economy; may change yearly; monthly payment will increase
FHA loan A loan from Federal Housing Administration; insures loans to low-and-moderate-income families who might not otherwise qualify for a mortgage
VA loan A loan from Veterans Affairs; insures loans to people who have served in the military, with not down payment required
Created by: milest on 2013-05-15

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