| A | B |
|---|
| mobility | the ability to move easily from place to place |
| tenant | a person who pays for the right to live in a residence owned by someone else |
| landlord | the person who owns the property that is rented |
| lease | a legal document that defines the conditions of the rental agreement between the tenant and the landlord |
| security deposit | an amount of money paid to the owner of the property by a tenant to guard against any financial loss or damage that the tenant might cause. |
| renters insurance | a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft |
| equity | the value of the home less the amount still owed on the money borrowed to purchase it. |
| escrow account | an account where money is held in trust until it can be delivered to a designated party |
| private mortgage insurancce | a special policy that protects the lender in case the buyer cannot make payments or cannot make them on time |
| mortgage | a long-term loan extended to someone who buys property |
| points | extra charges that must be paid by the buyer to the lender in order to get a lower interest rate |
| amortization | the reduction of a loan balance through payments made over a period of time |
| fixed-rate mortgage | a mortgage with a fixed interest rate and a fixed schedule of payments |
| adjustable-rate mortgage | a mortgage with an interest rate that increases or decreases during the life of the loan |
| home equity loan | a loan based on the difference between the current market value of a home and the amount the borrower woes on the mortgage |
| refinance | obtaining a new mortgage to replace an existing one |
| closing | a meeting of the seller, the buyer, and the lender of funds, or prepresentatives of each party |
| title insurance | a type of insurance that protects the buyer if problems with the title are found later |
| deed | the official document transferring ownership from seller to buyer |
| appraisal | an estimate of the current value of the property |
