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Chapter 7 Rent
| Term | Definition |
|---|---|
| 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. |
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