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Job and Home

Vocab

QuestionAnswer
the amount of money received over a period of time either as payment for work, goods, or services income
a fixed annual sum paid at regular intervals, usually monthly, to an employee especially for professional or clerical work salary
an amount of money, a service, or an item of property that is owed to somebody debt
the job by which someone earns a living occupation
related to or considered appropriate to a rank in society social class (wealth, income, education)
an amount of money given to somebody on the condition that it will be paid back later loan
the period of time that it will take the borrower to repay the loan loan term
the total amount of money lent to a borrower by a money-lending organization mortgage
who could the lender of a mortgage be bank or individual person
a tax based on the value of a house or other property property tax
pays for schools, town improvements, and salaries of employees who work in that town property tax
the increments that mortgage terms are given 10, 20, or 30 years
if you have a longer term you will pay ________ interest and your monthly payment will be a ________ lesser amount more, lesser
when can you pay off your mortgage loan any time during the term
if you pay off your mortgage at any time, what can banks do penalize you
what happens once you pay off your mortgage you own your home and receive the deed
a document that states that you own your home deed
why do lenders lend money to collect interest
a fee that the borrower pays to the lender as a form of compensation for the loan interest
what is the interest rate for a typical 30 year mortgage 3% - 5%
Created by: madison.heaton