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PCS Financial Math

Chapter 10 Vocabulary - Housing Cost

TermDefinition
mortgage loan a real estate loan that gives the lender the right to seie and sell the property if the borrower fails to make the payments on the loan
interest the amount of money paid for the use of a lender's money
closing costs the costs of transferring ownership of property, such as credit checks and title searches, to the buyer by the seller
principal the amount borrowed on a loan or put into an account, on which interest is based
real estate taxes taxes collected by the city or county from homeowners to pay for roads, parks, schools, and other public services
assessed value the dollar value assigned to property by a tax assessor for tax purposes, which is found by multiplying the market value times the rate of assessment
tax rate the percent of income, sales, or property value collected in taxes. The tax rate on property is sometimes expressed in mills per dollor
market value the price at which a house can be bought or sold
rate of assessment percent of the market value of property that is taxed
homeowners insurance financial protection for homeowners against fire, theft of contents, personal liability, and other damages
loss-of-use coverage insurance coverage for homeowners that pays for the costs of living away from home while the home is being repaired
personal liability insurance coverage for homeowners if someone is injured in their home
medical coverage insurance for homeowners that pays medical expenses if someone is injured in their home
replacement value the amount required to reconstruct a home if it's destroyed, used to determine the amount of insurance a home should have
premium the amount paid to an insurance company for insurance
fire protection class a number assigned to property based on how safe it is from fire, and whether a house is made of wood or brick, used to determine the cost of insuring it
utility costs the costs of public services such as electricity, water, and gas
Created by: Ms.Sala