| A | B |
|---|
| Mobility | The ability to move easily from place to place. |
| Tenant | Person who pays for the right to live in a residence owned by someone else. |
| Landlord | Person who owns the property that is rented. |
| Lease | Legal document that defines the conditions of the rental agreement between the landlord and tenant. |
| Security Deposit | Amount of money paid to the owner of a property by a tenant to guard against any financial loss or damage that the tenant might cause. |
| Renters Insurance | Insurance that covers the loss of a tenant's personal property as a result of damage or theft. |
| Equity | Value of the house 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 Insurance (PMI) | A special Policy that protects the lender in case the buyer cannot make the payments, or make them on time. |
| Mortgage | A long-term loan extended to someone who buys property. |
| Points | Extra charges that must be paid to the lender in order to get a lower interest rate. |
| Amortization | The reducation of a loan balance through payments made over a period of time. |
| Fixed-Rate Mortgage (conventional mortgage) | A mortgage with a fixed interest rate and a fixed schedule of payments. |
| Adjustable-Rate Mortgage (ARM) | A mortgage with an interest rate that increases or decreases through the life of the loan. |
| Home Equity Loan | A loan based on the difference between the current market value of a house and the amount the borrower owes on the mortgage. |
| Refinance | Obtaining a new mortgage to replace an existing one. |
| Closing | A meeting of the seller, buyer, lender, and representatives to complete the transaction. |
| 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 the seller to the buyer. |
| Appraisal | An estimate of the current value of the property. |
