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home ownership

math of finance

TermDefinition
mortgage loan A loan secured by real property through the use of a mortgage notes which evidences the existence of the loan and the burden of that realty through the granting of a mortgage which secures the loan
interest a charge for the use of money of a lending institution
future value a value of an asset at a specific date
finance charge any fee representing the cost of credit, or cost of borrowing
asset economic resources; anything that is capable of being owned or controlled to produce value
down payment initial payment made when something is brought on credit; with mortgages this amount is typically between 10% and 40% of the selling price of the home.
closing cost fees for lawyers, credit checks, and title searches, taxes, and the preparation of the documents
loan origination fees a fee the bank charges for granting you a loan
insurance premium the amount of money charged by an insurance company for coverage
present value The value on a given date of a payment or series of payments made at other times.
amortization a loan where the principal of the loan is paid down over the life of the loan
balloon payment When you hold back most of a debt and pay it only towards the end of the agreement; the debt inflated like a balloon due to compound interest accumulating on the large sum
Created by: 21610
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