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Chapter 7 Rent

TermDefinition
Mobility The ability to move easily from place to place.
tenant A person who pays for the right to live in a residence owned by someone else.
Landlord The person who owns the property that is rented.
lease a legal document that defines the conditions of the rental agreement between a tenant and the landlord.
Security deposit an amount of money paid to the owner of the property by the tenant to guard against any financial loss or damage that the tenant might cause.
renter's insurance a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft.
equity the value of a home less the amount still owed on the money borrowed to purchase it.
escrow account an account where money is held in trust until it can be delivered to a designated party.
Private mortgage insurance A special policy that protects the lender in the case the buyer cannot make payments or cannot make them on time.
mortgage a long-term loan extended to someone who buys property.
points extra charges that must be paid by the buyer to the lender in orders to get a lower interest rate.
amortization the reduction of a loan
fixed-rate mortgage a mortgage with a fixed interest rate and a fixed interest rate and a fixed schedule of payments.
adjustable-rate mortgage a mortgage with an interest rate that increases or decreases during the life of the loan.
home equity loan a loan based on the differences between the current market value of the home and the amount the borrower owes on the mortgage.
refinance obtaining a new mortgage to replace an existing one.
closing a meeting of the buyer, seller and the lender of the funds.
title insurance insurance that protects the buyer if the problems with the title are found later.
deed the official document transferring ownership from seller to buyer.
appraisal an estimate of the current value of the property.
Created by: s165591