SECTION 10-1 Mortgage Loans pp. 344-345.

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Presentation transcript:

SECTION 10-1 Mortgage Loans pp. 344-345

Key Words to Know mortgage loan (p. 344) A property loan that gives the lender the right to seize and sell the property if the borrower fails to make the payments on the loan.

Formula Mortgage Loan = Selling – Down Amount Price Payment

Example 1 Nick and Nat consider purchasing a new home for $140,000. A 15 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

Example 1 Answer: Step 1 Find the down payment. $140,000 × 15% = $21,000

Example 1 Answer: Step 2 Find the mortgage loan amount. Selling Price – Down Payment $140,000 – $21,000 = $119,000

345:1-12