Buying Vs Renting A House Jeopardy Template

100 What is mortgage? Is a loan that a bank gives you to help finance the purchase of a house	100 How long are most leases? 12 months
200 What is a down payment? initial payment made when something is bought on credit	200 What is a requirement of renting a house? 1st and last month rent
300 What is one of the things you need to buy a house? -down payment -closing costs	300 Can a deposit be always given to you? Explain. No, if you move out the lease period ends or if you damage the house in any matter this deposit won't be given back
400 Mention one advantages/disadvantage of buying a house. -Homes typically increased in value -You’re responsible for all maintenance on your home	400 What do you don't have when you renting a house? no tax breaks
500 What is the difference between Fixed rate mortgage and adjustable-rate mortgage? the difference that exists between each one is that on fixed rate mortgage the interest rate stays the same for the life of the loan and in the adjustable-rate mortgage the interest rate will chance over the life of the loan	500 Mention one disadvantage/advantages of renting a house. -Your monthly rent may or may not include utilities such as electric, gas, cable or internet -Your monthly costs are generally fixed for the term of the lease