Mortgage Vocabulary

Aim: This exercise is to help you to develop your mortgage-related vocabulary.

Vocabulary

  • mortgage - an interest-bearing long-term loan for buying property
  • principal - the total mortgage minus the interest
  • subsidence - the ground under a property eroding, causing part of the property to sink
  • deposit - money in advance of the main payment to prevent another buyer from buying
  • repayment - paying back the loan
  • down-payment - money paid at the start of the transaction
  • agents - people or organisations that represent others
  • trade up - buy a more expensive property
  • valuation - an estimation of the market value of something
  • interest - the cost of borrowing money

 

Exercise
Choose the correct word from the drop-down list:

  1. We can refer you to trusted property and solicitors.

     

    Answer:
    We can refer you to trusted property agents and solicitors.

     

  2. They¡¦ll also identify a option that best matches your budget.

     

    Answer:
    They¡¦ll also identify a repayment option that best matches your budget.

     

  3. We¡¦ll give you an instant of the property you are interested in.

     

    Answer:
    We¡¦ll give you an instant valuation of the property you are interested in.

     

  4. Deferred repayment ¡V pay only the monthly interest on your mortgage.

     

    Answer:
    Deferred principal repayment ¡V pay only the monthly interest on your mortgage.

     

  5. You can buy your first home, or refinance sooner than you think.

     

    Answer:
    You can buy your first home, trade up or refinance sooner than you think.

     

  6. Low interest loans available to help you with your  payment.

     

    Answer:
    Low interest loans available to help you with your down payment.

     

  7. Unlike general mortgage plans,    under this scheme is calculated on the daily outstanding net balance of your mortgage loan.

     

    Answer:
    Unlike general mortgage plans, interest under this scheme is calculated on the daily outstanding net balance of your mortgage loan.

     

  8. In case of permanent disability or death, we will repay your    in full.

     

    Answer:
    In case of permanent disability or death, we will repay your mortgage in full.

     

  9. If you¡¦re selling one home and buying another, your sale proceeds may lag behind your need to pay a  .

     

    Answer:
    If you¡¦re selling one home and buying another, your sale proceeds may lag behind your need to pay a deposit.

     

  10. Insurance ¡V covers the cost of rebuilding your home in case of fire, typhoon or  .

     

    Answer:
    Insurance ¡V covers the cost of rebuilding your home in case of fire, typhoon or subsidence.
     

     

    11. Your total score is:

 

Last updated on: Monday, March 26, 2012