House thing

4. A mortgage in which the interest rate remains the same throughout the life of the loan; it will not increase or decrease. Your payment will be the almost the same each month.
5. A legal document that uses property to secure a loan. Often the loan itself is referred to as a mortgage.
6. A point is equal to 1% of the amount of a loan. By paying more points at closing, borrowers can reduce the interest rate on their loan.
7. A sum of money that you pay at closing. The selling price of the home less the amount of your down payment is the amount you will need to finance, or borrow.
9. Additional costs paid by the borrower when buying or refinancing a home.

1. A type of mortgage in which the interest rate can vary at certain points in the life of the mortgage. The interest rate is usually tied to an index such as the U.S.
2. A building or complex of buildings containing a number of individually owned apartments or houses.
3. A free-standing residential building meant for one family to occupy, usually found in suburban neighborhoods with other single-family homes. Most single-family homes include a yard.
6. that protects the lender in case the borrower defaults and is unable to repay the loan. Generally a borrower must pay PMI if their equity is less than 20% of the home’s value.
8. The monetary value of your ownership. To determine your equity in your home, subtract the amount you still owe on the home from its fair market value, or the price it would sell for.