Across
- 2. An acronym for Principal, Interest, Taxes, and Insurance, representing the four main components of a monthly mortgage payment.LTV (Loan-to-Value): A financial term used to express the ratio of a loan to the value of an asset purchased; it is calculated by dividing the amount of the loan by the appraised value of the property.
- 4. Insurance that protects lenders in case a borrower defaults on a loan, typically required when a borrower makes a down payment of less than 20% of the home's purchase price.AIDA: An acronym that stands for Attention, Interest, Desire, and Action; a marketing model used to describe the stages consumers go through when engaging with a product or service.
- 7. A type of mortgage backed by the U.S. Department of Veterans Affairs, available to qualifying veterans, active-duty service members, and certain members of the National Guard and Reserves, offering benefits such as no down payment and no private mortgage insurance.Interest: The cost of borrowing money, typically expressed as a percentage of the loan amount, that a borrower pays to a lender over time.
- 8. A type of property insurance that protects a homeowner from financial loss due to damage to the home or personal belongings, as well as liability for accidents that occur on the property.Title Insurance: An insurance policy that protects against financial loss from defects in the title to a property, ensuring that the buyer has clear ownership and that no one else can claim ownership rights.
- 11. A type of mortgage that is not backed by a government agency and is typically offered by private lenders, often requiring higher credit scores and larger down payments.FHA Loan: A mortgage that is insured by the Federal Housing Administration, designed to help lower-income borrowers qualify for a home loan with a smaller down payment and more lenient credit requirements.
- 13. A mortgage that is insured by the Federal Housing Administration, designed to help lower-income borrowers qualify for a home loan with a smaller down payment and more lenient credit requirements.VA Loan: A type of mortgage backed by the U.S. Department of Veterans Affairs, available to qualifying veterans, active-duty service members, and certain members of the National Guard and Reserves, offering benefits such as no down payment and no private mortgage insurance.
Down
- 1. The cost of borrowing money, typically expressed as a percentage of the loan amount, that a borrower pays to a lender over time.PITI: An acronym for Principal, Interest, Taxes, and Insurance, representing the four main components of a monthly mortgage payment.
- 3. A financial term used to express the ratio of a loan to the value of an asset purchased; it is calculated by dividing the amount of the loan by the appraised value of the property.Commission: A fee paid to a real estate agent or broker for services rendered, typically calculated as a percentage of the sale price of a property.
- 5. An insurance policy that protects against financial loss from defects in the title to a property, ensuring that the buyer has clear ownership and that no one else can claim ownership rights.Conventional Loan: A type of mortgage that is not backed by a government agency and is typically offered by private lenders, often requiring higher credit scores and larger down payments.
- 6. The process of gradually paying off a loan over time through scheduled payments, which cover both principal and interest.Private Mortgage Insurance (PMI): Insurance that protects lenders in case a borrower defaults on a loan, typically required when a borrower makes a down payment of less than 20% of the home's purchase price.
- 9. An acronym that stands for Attention, Interest, Desire, and Action; a marketing model used to describe the stages consumers go through when engaging with a product or service.
- 10. Financial ratios used by lenders to determine a borrower's ability to repay a loan, including the debt-to-income ratio and front-end ratio.Amortization: The process of gradually paying off a loan over time through scheduled payments, which cover both principal and interest.
- 12. A fee paid to a real estate agent or broker for services rendered, typically calculated as a percentage of the sale price of a property.Qualifying Loan Ratios: Financial ratios used by lenders to determine a borrower's ability to repay a loan, including the debt-to-income ratio and front-end ratio.