Which type of interest is calculated on home mortgages? |
compound |
Which of these is used to determine property taxes and represents $1.00 for every thousand dollars of property value? |
mill |
Which term is defined as the value of the home minus the loan? |
equity |
According to the Bureau of Labor Statistics, housing represents what percent of the monthly budget of most Americans? |
34% |
What is the portion of a home’s purchase price paid in cash and is not part of the mortgage loan? |
down payment |
Which term is defined as a fee charged for the use of money? |
interest |
Which of these describes an assumable mortgage? |
It can be transferred from a seller to a buyer. |
Which government official is responsible for determining the amount of property tax a homeowner must pay? |
assessor |
Which of these is a document that gives an estimate of a property’s fair market value? |
appraisal |
What is an amortization schedule? |
a display of the number of payments and the amount of interest that will be paid |