Across
- 3. additional expenses, above the down payment, paid at the time of the sale of a home including fees for a title search, appraisal and legal documentation
- 5. the gradual repayment of a debt in installment payments over a period of time
- 7. a type of mortgage that has equal payments, typically over 15, 30, or 40 years based on a fixed interest rate
- 8. a home loan for which equal payments of interest and principal are paid over the life of the loan
- 12. an estimate of value and is used to determine the value of property before the purchase of a home
- 13. the common term used for the type of loan taken out when purchasing a home
- 14. a legal right to the possession of property including real estate
Down
- 1. fees paid by the borrower to a lender at the closing of a home in order to lower the mortgage interest rate
- 2. monthly debt obligations such as mortgage, car loan payments, credit card minimum payments, student loans, and any other loans that have monthly payments
- 4. the total amount of money outstanding on a loan
- 6. the fee charged by the lender on money borrowed
- 9. a mortgage that provides for periodic changes in the interest rate, based on changing market conditions
- 10. a detailed history of an individual's credit and is used by lenders to determine credit worthiness
- 11. the initial amount of money required at the time of a home purchase