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12.2: Build Your Vocabulary
Write a definition for each of the following terms and add it to your personal glossary.
equity
negotiation
asking price
market value
purchase agreement
contingency clause
earnest money
mortgage
loan application package
amortization
private mortgage insurance (PMI)
closing costs
appraisal
point
title
escrow account
assessed value
fixed-rate mortgage
adjustable-rate mortgage (ARM)
graduated payment mortgage
subprime mortgage
home equity loan
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