Mortgages

Miranda O'Neal

Background Info

Miranda O'Neal is in financial math and she is going to teach you about mortgages, home owning and renting.

Mortgage Loan

A paper signed by a borrower that gives the lender the right to ownership of property if the borrower does not pay the principal or interest.

Down Payment

The part of a price that is paid at the time of buying on the installment plan.

Closing Cost

Fees and expenses paid to complete the transfer of ownership of a home.

Buying

Advantages

- Ownership

- Potential value

- Tax deduction

- Fewer restrictions


Disadvantages

- Down payment and closing costs