Across
- 3. a line of credit loan that uses the equity in the borrower's home—that is, the difference between their home’s value and mortgage balance—as collateral
- 5. similar to PMI but used when the loan is FHA (Federal Housing Administration).
- 8. is insurance coverage that homeowners are required to have if they’re putting down less than 20% of the home’s cost and the loan is conventional
- 9. is an acronym for a mortgage payment that is the sum of monthly Principal, Interest, Taxes, and Insurance.
- 10. is a record of activity for any type of credit extended to a borrower and reported to a credit reporting agency.
- 11. a thing that is borrowed, especially a sum of money that is expected to be paid back with interest
Down
- 1. type of credit repayment that permits individuals repay the principal over a lengthy period of time through regular monthly payments called an amortization schedule
- 2. type of credit repayment that allow borrowers to use a line of credit according to the terms of the contract, which do not have fixed payments.
- 4. This is a detailed report of a borrower's credit history given to the credit reporting agency/bureaus by lenders who have extended credit to the borrower.
- 6. cost of using the bank's money (loan) charged to the borrower by the lender
- 7. a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc
- 8. the original sum of money borrowed in a loan and the amount that must be paid back