PF Unit 5 Buying a Home

4. a monthly expense charged to the homeowner that is required to cover damage on a home
8. used to determine where the property lines exist between neighbors
9. the individual using money from a lender to purchase a home
11. type of interest rate which may fluctuate over the lifetime of a loan
12. term used when an item such as a home increases in value
15. acronym used to refer to a type of insurance that protects lenders in the event that a borrower defaults on a loan or to cover the lender when damages to a home's original value exceed 78%
18. the bank and mortgage company that sets up loans to purchase a home
19. amount of cash that the buyer is required to pay toward a house at closing
20. buyers are able to report interest paid on a home loan as well as the property taxes to reduce the amount of taxable income

1. an agreement between a lender and a home buyer that allows a borrower to use funds to pay for a home in exchange for a monthly payment over the term of a loan
2. name of a type of fee that is the same thing as "points"
3. an expert looks over a home and reports any areas of concern such as roof damage or structural concerns
5. person hired to record legal documents with a buyer and seller to transfer ownership
6. an account set up by the lender, for the buyer, to set aside money for future bills including taxes and insurance
7. state and local government charge this and then uses the funds for schools, law enforcement and local services (two words, avoid spaces)
10. type of interest rate that stays the same for the entire term of a loan
13. represents a percentage that is charged by the lender as a fee for allowing the homeowner to borrow funds
14. an percentage that the borrower owes the lender for borrowing money
16. provides a limit on how much an interest can increase when using a loan with a variable rate is called a interest rate ___________
17. person hired to determine affordability limits, access properties, and make an offer on a home