Key lease and mortgage terms, the renting versus buying decision, and other housing vocabulary, distinct from the budgeting focus of the Personal Finance Basics deck.
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- What is a lease term?
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The period of time during which a rental agreement is binding between landlord and tenant.- What is a security deposit in renting?
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Money paid upfront by a tenant to cover potential damage or unpaid rent, typically refundable.- Name two common landlord responsibilities.
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Maintaining the property in safe, habitable condition and making repairs promptly.- What is an eviction notice?
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A formal notice from a landlord giving a tenant a set time to vacate the property.- What is a month-to-month lease?
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A rental agreement that automatically renews each month unless terminated by either party.- What is a fixed-term lease?
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A rental agreement for a specific period, usually one year, that ends on a set date.- What is rent control?
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Legal restrictions limiting how much a landlord can increase rent each year.- What is a mortgage?
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A loan used to purchase property, with the property serving as collateral for the lender.- What is a down payment?
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The initial sum paid by a buyer, typically expressed as a percentage of the purchase price.- What does the interest rate on a mortgage represent?
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The annual percentage the lender charges for borrowing money.- What is the principal on a mortgage?
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The original amount borrowed, excluding interest.- What is amortization?
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The process of paying off a loan through regular installments over a set period.- What is a fixed-rate mortgage?
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A mortgage where the interest rate stays the same for the entire loan term.- What is an adjustable-rate mortgage (ARM)?
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A mortgage where the interest rate changes periodically based on market conditions.- What are closing costs?
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Fees and expenses like title, appraisal, and inspection paid at the end of a home purchase.
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