Question | Answer |
the amount of money received over a period of time either as payment for work, goods, or services | income |
a fixed annual sum paid at regular intervals, usually monthly, to an employee especially for professional or clerical work | salary |
an amount of money, a service, or an item of property that is owed to somebody | debt |
the job by which someone earns a living | occupation |
related to or considered appropriate to a rank in society | social class (wealth, income, education) |
an amount of money given to somebody on the condition that it will be paid back later | loan |
the period of time that it will take the borrower to repay the loan | loan term |
the total amount of money lent to a borrower by a money-lending organization | mortgage |
who could the lender of a mortgage be | bank or individual person |
a tax based on the value of a house or other property | property tax |
pays for schools, town improvements, and salaries of employees who work in that town | property tax |
the increments that mortgage terms are given | 10, 20, or 30 years |
if you have a longer term you will pay ________ interest and your monthly payment will be a ________ lesser amount | more, lesser |
when can you pay off your mortgage loan | any time during the term |
if you pay off your mortgage at any time, what can banks do | penalize you |
what happens once you pay off your mortgage | you own your home and receive the deed |
a document that states that you own your home | deed |
why do lenders lend money | to collect interest |
a fee that the borrower pays to the lender as a form of compensation for the loan | interest |
what is the interest rate for a typical 30 year mortgage | 3% - 5% |