Chapter 11 - Buying a Home

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Across
  1. 3. When having a home __________ before buying it, it is important to have the house checked for radon gas.
  2. 4. One major ___________ to buying a new home is that the land on which the home is built usually is landscaped with shrubs and trees.
  3. 9. The gradual elimination of the principal on a loan is called ___________.
  4. 10. ________ is the difference between the market value of a property and the principal owed on the mortgage.
  5. 11. A _________ is used as a check to determine the exact boundaries of a property.
  6. 13. ______________ ___________ is a package of insurance protection for the home and its contents.
  7. 15. Each time a mortgage _________ is made, the principal is NOT reduced.
  8. 18. A ____________ ______ mortgage is a loan in which payments start out low and increase in the later years of the loan.
  9. 19. The percent guideline most lenders use to determine the max monthly mortgage payment that a buyer can afford to pay based on the buyer's monthly gross income is about __ __________.
  10. 20. _______ refers to money held in trust by a third party until a specified time and is used by the lender to make payments on behalf of the homeowner for things such as taxes.
Down
  1. 1. The most common type of mortgage offered to would-be home buyers is a __________ ___________.
  2. 2. Homes bought through auctions and urban homesteading are good ______________.
  3. 5. One advantage to an adjustable rate mortgage is that the interest rate usually starts out lower than that of a conventional __________.
  4. 6. An estimate of the value of a property is called an _________.
  5. 7. Prequalifying for a _____ is not a guarantee for the buyer that the loan will be approved.
  6. 8. ________ is a meeting at which legal papers are signed and money changes hands in a real estate deal.
  7. 12. A basic home owner's policy includes two types of coverage: _________ ___________ and peraonal liability coverage.
  8. 14. An ___________ _____ mortgage is a loan in which the interest rate changes after a certain length of time, usually every 1 -5 years.
  9. 16. The most efficient way to locate suitable homes fort sale is by driving through _____________ looking for "For Sale" signs.
  10. 17. ______ refer to a one-time fee charged by lending companies.