"How do Mortgages Work" Vocabulary

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Across
  1. 3. a larger-than-usual one-time payment at the end of a loan term
  2. 5. (acronym) the cost one pays each year to borrow money, including fees, expressed as a percentage
  3. 7. a person or business that receives money from a lender with the agreement to pay it back within a specified period of time
  4. 11. a way to pay off debt in equal installments that include varying amounts of interest and principal payments over the life of the loan
  5. 13. the price one pays to borrow money or the cost one charges to lend money
  6. 15. a financial liability or obligation owed by one person, the debtor, to another, the creditor
  7. 16. the action of taking possession of a property
  8. 17. (abbreviation)of the measure comparing the amount of a mortgage with the appraised value of the property
Down
  1. 1. a loan where the interest does not fluctuate during a period of time
  2. 2. something pledged as security for repayment of a loan to be forfeited in the event of a default
  3. 4. (acronym) a home loan with an interest rate that adjusts over time based on the market
  4. 6. a loan in which your house functions as the collateral
  5. 8. the total amount of money borrowed from a lender (after down payment)
  6. 9. a mandatory payment or charge collected by governments from individuals to cover the costs of services, goods, and activities
  7. 10. the monthly mortgage payment is composed various costs, known by this acronym
  8. 12. an individual, group, or institution that makes funds available to a person or business with the expectation that the funds will be repaid.
  9. 14. (history) a record of one's ability to repay debts and demonstrated responsibility in repaying them