Checking the facts Answer True or False. 1. T 2. T 3. F 4. T 5. F
Vocabulary to remember Fill in the blanks. 1. principal 2. interest 3. points 4. down payment 5. closing costs
Unit 3: Getting a mortgage may be easier than you think!
Unit 3 Review
Checking the facts
Vocabulary to remember
Fill in the blanks.
1. The principal is the amount of money you actually borrow or the amount of the loan that is still unpaid.
2. The charge for using the lender’s money is the interest.
3. The more points you pay on a loan, the lower the interest rate will be.
4. The down payment is the part of the purchase price the buyer pays in cash at the time of sale.
5. closing costs include the loan application fee, credit report fee, and the attorney fees.
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