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Buying A Home
Term | Definition |
---|---|
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 |