Across
- 2. the money value of a house beyond what is owed on the house
- 7. a pledge of property that a borrower gives to a lender as security for the payment of a debt
- 10. a payment contract in which the interest rate and monthly payments are fixed for a stated length of time, at which point the interest rates are reviewed and may be changed according to the current rate of interest. Also called a rollover mortgage
- 11. the process of buying something by making a series of payments during a given length of time
- 13. a fee paid for the privilege of using credit, including interest and carrying charges
- 14. a legal procedure that orces a lessee to leave the property before the rental agreement expires
- 16. protects the homeowners investment by assuming the risk for damages to the property
- 17. the legal document by which the title is transferred from one person to another, describing the property sold
- 18. the original amount of the loan
- 19. measurement of property that assures that the building is actually located on the land identified in the legal description
- 20. property taxes and homeowners insurance are paid monthly to the lender, who then pays the annual bills
- 22. a mortgage in which the interest rate is adjusted up or down periodically according to a national interest rate index
- 24. a document that gives proof of the rights of ownership and possession of a particular property
- 25. a legal document listing the conditions under which the renter rents the property as well as the rights and responsibilities of both the owner and the renter
- 26. a three-party contract that involves the borrower, lending firm,and Federal Housing Administration
- 27. a person who judges the construction and present condition of a house
Down
- 1. a legal proceeding in which a lending firm takes possession of the mortgaged property of a debtor who fails to live up to the terms of the contract
- 2. a deposit the potential buyer pays to show that he or she is seriosu about buying the house
- 3. income before deductions
- 4. a contract that states all specific terms and conditions of a sale
- 5. pay off the original mortgage and get another mortgage to lower payments or to take out equity value for home improvements or other expenses
- 6. a two-party contract between a borrower and a lending firm; there is greater risk because government does not insure this mortgage
- 8. a payment that insures the owner against financial loss caused by the renter
- 9. a three-party loan involving the borrower (a war veteran), lending firm,and the Veterans Administration
- 12. a charge for construction that includes the cost of materials and labor
- 15. income after deductions; take-home pay
- 21. costs the fees for settling the legal and financial matters of buying and selling property
- 23. an expert who estimates the quality and value of a property