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1100 Vocabulary
PF
| Term | Definition |
|---|---|
| cost of living | the average cost of the basic goods and services needed to sustain a certain standard of living |
| standard of living | the level of wealth, comfort, materials goods, and necessities available to a group of people |
| house poor | when someone spends so much of their income on the costs of homeownership that they struggle to reach other financial goals |
| renting | periodic payments (usually monthly) by a tenant to a landlord in return for the use of a property |
| fixed-rate mortgage | a mortgage with a set interest rate for a set number of years |
| mortgage principal | the amount borrowed (that has to be paid back) to purchase a home |
| amenities | things that help provide convenience, comfort, or enjoyment |
| leasing contract | a legal contract that allows the renter, or lessee, rights to the use of a property owned or managed by the lessor for a period of time |
| legal contract | an agreement made between two or more parties that is enforced by law |
| acknowledgement clause | the portion of a legal contract signed by both parties |
| mortgage | a loan obtained for the purchase of a home |
| down payment | a lump sum of money, usually a percentage of the total price of that home, paid by the buyer at the time of purchase |
| private mortgage insurance (PMI) | insurance that protects lenders against loss if the borrower defaults on the loan; does no go toward paying down your mortgage at all |
| equity | the increase in value of a home over time; the difference between the amount owed and what the home could be sold for |
Created by:
dupreejp
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