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5: Make Your Housing Plan — I Want to Own

Homeowners Insurance
Interest
Fixed-Rate Mortgage
Adjustable-Rate Mortgage
Term
Taxes
Principal
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An annual property tax amount paid to the county/city where a house is located and often paid to a lender to be held in escrow
Taxes
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Held in escrow, the amount paid monthly as part of a mortgage payment for homeowners insurance
Homeowners Insurance
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The period over which a loan is repaid
Term
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Usually a 15- or 30-year term loan with a known interest rate
Fixed-Rate Mortgage
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What you are paying to borrow money for your home purchase
Interest
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The actual loan amount
Principal
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A mortgage where the interest rate is tied to an index, like U.S. Treasury bills
Adjustable-Rate Mortgage
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