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Buying A Home

TermDefinition
Adjustable Rate Mortgage a type of mortgage in which the interest rate can vary
Closing Costs additional costs paid by the borrower when buying or refinancing a home
Condominium a dwelling in which owners own just their individual unit, and a group or association owns the common areas
Down Payment a sum of money that you pay at closing
Equity the monetary value of your ownership
Fixed Rate Mortgage a mortgage in which the interest rate remains the same
Points this is equal to 1% of the amount of a loan
PMI (private mortgage insurance) insurance that protects the lender in case the borrower defaults and is unable to repay the loan
Single Family Home a free-standing residential building meant for one family to occupy
Created by: tmikels52