HOME-BUYING BASICS LANGUAGE

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Across
  1. 1. increase in price levels and reduction in the value of money
  2. 4. program of the FHA which allows senior citizens to convert home equity into cash without selling the home
  3. 6. period of temporary economic decline during which spending and trade are reduced
  4. 9. decrease in value over time
  5. 10. increase in value over time
  6. 11. mortgage with a fluctuating interest rate
  7. 12. GSE established in 1938 to standardize how home loans are approved
  8. 13. guaranteed to eligible veterans, active-duty personnel or surviving spouse
  9. 16. the value of a property is less than the amount owed on the property
  10. 19. mortgage with fixed interest rate for the life of the loan
  11. 20. value of an owner's share in property; value minus debt
  12. 23. policy protecting a mortgage lender in the even the borrower defaults on payments
  13. 25. loan to finance the purchase of real estate
  14. 26. account held by a third party to be turned over to another at a specified time
  15. 27. fixed property such as land, buildings and items attached to them
  16. 28. provision stating fulfillment of a contract depends on certain conditions
Down
  1. 1. fee charged by a lender for the use of borrowed money
  2. 2. mortgage designed to help individuals who may not qualify for other mortgage loans due to poor credit or lack of down payment
  3. 3. amount borrowed
  4. 5. mortgage which is unamortized meaning not all of the principal is paid by the end of the loan term through regular payments
  5. 7. process of paying off a loan through specifically structured payments
  6. 8. visual examination of the structure and components of a home to find problems or dangers
  7. 14. process of a certified professional assessing the value of a property
  8. 15. process during which the title to the property is transferred to the buyer
  9. 17. GSE established in 1970 to standardize how income loans are approved
  10. 18. movable property not affixed to or associated with land
  11. 21. technical terminology of a particular profession or group
  12. 22. form of security deposit accompanying an offer to purchase to show the buyer is serious
  13. 24. privately owned company authorized by Congress to increase the availability of credit in a particular sector of the economy