Mortgage Edit 0 5…
Directions: Full sentences for each part. Print out BEFORE class.
Part I: Complete this part first before moving onto part two.
1. Read the following article about home buying. After reading the article, what are the three most important tips about home buying? Explain why these are very important. (5-8 sentences)
2. Read the following article about fixed rate mortgages. After reading this article, what are two advantages and two disadvantages of fixed rate mortgages? Explain. (5-8 sentences)
3. Read the following article about variable rate mortgages. After reading this article, what are two advantages and two disadvantages of variable rate mortgages? Explain. (5-8 sentences)
4. Skim the following article about the costs of mortgages. What are two additional costs of owning a home aside from the cost of the loan? Explain. (3-4 sentences)
5. Skim the following article about loan eligibility. What is the difference between gross and net income? What does it mean to be "house poor?"
Part II: Find a house.
6. What is a realistic job you see yourself having in ten years? (1 sentence)
7. Next, go to GlassDoor and type in your job name. What the approximate salary is for your job? Take your salary and multiple it by .68 (to account for income tax and other expenses). Next, take this result and divide by 12 to calculate the monthly amount you take home in your pay check (3 sentences).
8. Find a house using www.realtor.com or www.zillow.com anywhere in New Jersey. Post the link below. Next, what is the cost of the house for sale? What are the property taxes?
9. Based on #8, fill out the information based on your desired house. Assume you have 20% down. How much does it cost per month based on a 30-year fixed mortgage at 4.2%? What about a 15-year fixed mortgage at 3.2%?
10. Find a house using www.realtor.com or www.zillow.com anywhere outside of New Jersey. Post the link below. Next, what is the cost of the house for sale? What are the property taxes?
11. Based on #10, fill out the information based on your desired house. Assume you have 20% down. How much does it cost per month based on a 30-year fixed mortgage at 4.2%? What about a 15-year fixed mortgage at 3.2%?
Directions: Full sentences for each part. Print out BEFORE class.
Part I: Complete this part first before moving onto part two.
1. Read the following article about home buying. After reading the article, what are the three most important tips about home buying? Explain why these are very important. (5-8 sentences)
2. Read the following article about fixed rate mortgages. After reading this article, what are two advantages and two disadvantages of fixed rate mortgages? Explain. (5-8 sentences)
3. Read the following article about variable rate mortgages. After reading this article, what are two advantages and two disadvantages of variable rate mortgages? Explain. (5-8 sentences)
4. Skim the following article about the costs of mortgages. What are two additional costs of owning a home aside from the cost of the loan? Explain. (3-4 sentences)
5. Skim the following article about loan eligibility. What is the difference between gross and net income? What does it mean to be "house poor?"
Part II: Find a house.
6. What is a realistic job you see yourself having in ten years? (1 sentence)
7. Next, go to GlassDoor and type in your job name. What the approximate salary is for your job? Take your salary and multiple it by .68 (to account for income tax and other expenses). Next, take this result and divide by 12 to calculate the monthly amount you take home in your pay check (3 sentences).
8. Find a house using www.realtor.com or www.zillow.com anywhere in New Jersey. Post the link below. Next, what is the cost of the house for sale? What are the property taxes?
9. Based on #8, fill out the information based on your desired house. Assume you have 20% down. How much does it cost per month based on a 30-year fixed mortgage at 4.2%? What about a 15-year fixed mortgage at 3.2%?
10. Find a house using www.realtor.com or www.zillow.com anywhere outside of New Jersey. Post the link below. Next, what is the cost of the house for sale? What are the property taxes?
11. Based on #10, fill out the information based on your desired house. Assume you have 20% down. How much does it cost per month based on a 30-year fixed mortgage at 4.2%? What about a 15-year fixed mortgage at 3.2%?