Mortgage Vocabulary

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Across
  1. 2. an online tool that automatically calculates mortgage amortization and
  2. 5. debt will accrue per year; takes into account the interest rate and any fees
  3. 6. an agreement between a homeowner and an insurance agency that the
  4. 8. a licensed professional who represents a buyer or a seller of a home
  5. 10. the amount of money a person is willing to pay for a home
  6. 11. will pay for damages to the home if any occur
  7. 14. can be purchased to reduce the APR on a mortgage. Each point costs 1% of the
  8. 15. or rolled into a mortgage
  9. 17. mortgage payment based on entered home value, APR and any
  10. 19. an amount of money paid at a mortgage's closing date
  11. 20. insurance
  12. 22. annual taxes paid on a home, based on the value of the home, usually paid
  13. 23. (PMI) and Mortgage Insurance Premium (MIP) are two types of
Down
  1. 1. a licensed professional's opinion of the physical state of a home
  2. 3. the amount of money currently owed on a loan
  3. 4. assessed value
  4. 7. the annual percentage rate to borrow money for a loan available at the time
  5. 9. other charges on the account, so is often higher than the interest rate alone
  6. 12. the date the mortgage paperwork is signed and finalized
  7. 13. the percentage rate used to calculate the amount of interest an account, loan
  8. 16. fees
  9. 18. protects the bank against nonpayment of a mortgage. Private Mortgage
  10. 21. a simple interest home loan