DR Chapter 11

When you're ready to buy a house, the best option is a __

It's important to read your leasing contract, bc once you sign it, is enforceable by law

As you shop for rentals, paying extra for __ is not worth it if it keeps you from reaching your financial goals

What does cost of living refer to?

You need to be out of debt, have emergency fund, & cash for a down payment before you __

Living on campus at college will help you __ living on your own, while living off campus will require you to __

It's best to develop good __ now instead of waiting until you're on your own to figure it out.

After you hire a real estate agent, the next step in the process is to __

When someone spends so much of their income on the costs of homeownership that they struggle on other financial goals

A house is an asset that typically will __ value over time

Learning about the costs of living before you need to cover them & creating good money habits early are both examples of

If you look at long-term costs, __ is usually the better deal

You should buy a home, even if you cannot afford it just yet. Renting is a waste of money

What information should a lease contain

A fixed-rate mortgage has a __ mortgage rate for __ years

Buying a house while __ can put your __ at risk

Your rent payment should total no more than __% of your take-home pay

What is your mortgage principal

Making periodic payments to a landlord for the use of their property is called

You should rent until you are able to __

The only time it's OK to borrow money if you can't pay 100% in cash is...

Renting is a great option for many people

A leasing contract...

It is impossible to get a mortgage without a credit score

What type of interest rate is locked in & won't change for the life of the loan?

To make living with a roommate more peaceful while you're saving money...

Equity is the difference between what you still owe on your home and what it is worth

No matter what path you choose to take after high school, the money principles stay the same. What are they?

Your decision to rent or buy depends on your __

Which type of loan is not secured by a government entity and usually has the best rate and term?