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.