2
TOEIC LESSON
I was thinking of buying a house soon but I’ve decided to keep renting for a little while longer. I found out that I don’t have enough savings for a down payment on the type of house I want. I’m also going to wait until the mortgage rates come down a little.
TOEIC Vocabulary: Vocabulary for TOEIC Test
Down payment: Paying some of the money immediately if you are buying something expensive. Most people don’t have enough money to pay for a house at one time, so they put a down payment on the house and take a loan for the rest of the money.
- Since I’m a first time home buyer, I found out I only need 5% for a down payment.
- My parents loaned me some money so I could put a down payment on my new house.
Mortgage rates: A mortgage is a loan for a house. Usually banks will loan people money if they plan to buy a house. This is called a mortgage. Rates are the percent interest that you need to pay. A mortgage with a 7% interest rate means that you will need to pay 7% interest each year. Paying off a mortgage sooner will allow you to save money.
- I don’t have enough extra money to travel because I still need to make mortgage payments every month.
- My brother paid for his new house in cash. He doesn’t have any mortgage at all.