Consumer Education: Chapter 13 - Housing - A Place to Call Home
if you want to rent an apartment and don't have enough furniture or money to buy furniture, what are your options?
you can rent an apartment that provides basic furnishings, borrow furniture from parents/friends, or look in thrift shops
what are some sources of finding an apartment?
your friends and family, newspaper ads, internet, real estate agencies and apartment managers
what is the greatest advantage of a fixed-rate mortgage?
your payment doesn't change
loan insured by the VA to help past and present military people buy a home
VA mortgage
allows you to make small payments for a few weeks and much larger ones later
graduated-payment mortgage
what type of wood makes the highest-quality furniture?
hardwood
loan that uses a home's equity as collateral
home equity loan
what is one good way to find out about the strengths and weaknesses of different brands?
in magazines such as Consumer Reports
what is the purpose of a lease?
it details your rights and responsibilities as a tenant and those of your landlord
the owner
landlord
legal contract you sign that gives you the right to live in the apartment for a specific period of time as long as you pay the rent
lease
when you own a condominium, what do your "condo association fees" pay for?
maintaining the facilities and grounds shared by all residents in the complex
small house on wheels, designed so that the owner can transport it to a rented space in a mobile home community
mobile home
of your ownership options, which one generally does not increase in value over time?
mobile homes
a loan to buy real estate
mortgage
proposal to buy the house for a stated price
offer
mortgage lender's service charge; 1 point = 1% of the principal
points
what facilities might you find at an apartment complex?
pool, fitness equipment, and tennis courts
the amount you borrow
principal
the money landlords hold to cover any damages to rental property
security deposit
when shopping for furniture and appliances, should you buy the highest-quality or the lowest-priced item?
shop for the quality that matches your purpose
current renter
tenant
how can you plan what you need when you are starting to furnish your home?
write a list of what you'd like in your hoe, measure the rooms in your new house, and prioritize
what percent of your income can you generally afford when you're buying a houe?
250% 1/3 of your monthly take home pay
loan insured by the FHA, designed to reduce the down payment
FHA mortgage
home loan for which the interest rate fluctuates as rates in the economy rise or fall
adjustable-rate mortgage
a device that is powered by electricity or gas and is designed to perform a specific function
appliance
increase in value over time
appreciate
charges the same interest rate for the entire term of the loan
fixed-rate mortgage
collection of fees to cover tasks the lender must do related to your loan
closing costs
apartment that you own rather than rent
condominium
how do you know how much rent you can afford?
determine your affordable price range
buildings with rooms that colleges rent to students at reasonable prices, usually in large complexes
dormitories
a specified percentage of the purchase price up front
down payment
apartment with rooms on two floors of a building
duplex
deposit; proof of your intention to buy at the agreed-upon price
earnest money
the smallest and least expensive type of apartment
efficiency apartment
products that are rated as being energy efficient
energy star products
holding account used by the mortgage lender to accumulate the borrower's funds for taxes and insurance until the payments are due
escrow account
what is the purpose of a checklist?
to make sure you inspect all the important features of every apartment
what are three considerations involved when choosing what furniture to buy?
what can you borrow? what can you buy used? how can you buy new affordably?
