Mortgages play a significant role in real estate transactions, allowing individuals to purchase property by borrowing money from a lender and repaying it over time. Understanding the terminology associated with mortgages is essential for anyone considering buying a home or investing in real estate.
Let’s explore into an exercise to test your knowledge of mortgage-related vocabulary:
Exercise – Choose the best word
1. Houses, bungalows, apartments, offices, shops and any other type of building you can own are called __________.
a. housing
b. property
c. buildings
2. The __________ are a document which proves who owns a property.
a. owner’s deeds
b. owner’s papers
c. title deeds
3. In some countries you can get a mortgage for __________ your annual salary.
a. times five
b. five times
c. five of
4. If a mortgage borrower ___________ the installments.
a. doesn’t pay
b. defaults on
c. fails on
5. The mortgage lender will eventually __________ the property.
a. retake
b. take back
c. repossess
6. Before a property can be repossessed, the lender must apply to a court for a __________.
a. repossession order
b. repossession paper
c. repossession document
7. When the lender has a repossession order, the occupants of the property can be __________,
a. evicted
b. put out
c. ejected
8. Generally, mortgage lenders only repossess as ____________.
a. a desperate action
b. a last resort
c. the final option
9. A mortgage lender can also be called a mortgagee or a __________.
a. mortgage provider
b. mortgage maker
c. mortgage producer
10. A mortgage borrower can also be known as a mortgagor or a __________.
a. mortgage owner
b. mortgage possessor
c. mortgage holder
11. To change your mortgage agreement is to __________ your property.
a. mortgage again
b. remortgage
c. unmortage
12. A mortgage paid over 25 years is called a __________ mortgage.
a. 25
b. 25 year
c. 25 years
13. When somebody’s mortgage is the most they can possible afford, you can say they are “mortgaged up to the __________”.
a. hilt
b. top
c. head
14. If property prices go down, and your house is mortgaged for more than its current value, you have __________.
a. negative money
b. negative value
c. negative equity
15. After you have paid your last mortgage installment, you can say that you have __________ your mortgage.
a. paid out
b. paid up
c. paid off
Correct Answers:
- b
- c
- b
- b
- c
- a
- a
- b
- a
- c
- b
- b
- a
- c
- c
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