Matthew Gegg

6.1-6.2

Down Payment

The percentage of the total cost of the house paid at the time of purchase

Closing cost

fees and expenses paid to complete the transfer of ownership

Mortgage loan & renting vs owning

The balance of the purchase price, usually burrowed from the bank.

When renting something, one pays a fixed amount every so often in order to use it, while when something is owned it is payed for one time.