Here's a matching exercise to help you learn some mortgage terms:
1. ___ Appraisal
2. ___ Up-front charges
3. ___ Closing
4. ___ Closing costs
5. ___ Deed
6. ___ Earnest money
7. ___ Mortgage note
8. ___ PITI
9. ___ Points
10. ___ Title insurance
11. ___ Conventional mortgage
A. Right of ownership and possession of a property.
B. Document that transfers the title from the seller to the buyer.
C. Fees charged at beginning of home-buying process, such as appraisal of the property.
D. Money paid by buyer to seller at time an offer to purchase the home is presented.
E. Professional estimate of what a home is worth, based on style, appearance, construction quality, improvements, usefulness, and comparable value of nearby properties.
F. Principal, interest, taxes, and insurance-the 4 main parts of a monthly mortgage payment.
G. Policy that protects buyer against errors, omissions, or defects in the title.
H. Signed promise to repay mortgage loan in payments under pre-agreed terms and conditions.
I. Final settlement of transfer of property.
J. Fees and other charges paid by buyer and seller at closing.
K. One point equals 1% of total mortgage amount.
L. Mortgage not insured by government (such as FHA or VA loan).
Answer Key: 1(E), 2(C), 3(I), 4(J), 5(B), 6(D), 7(H), 8(F), 9(K), 10(G), 11(L).
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