Put a roof over your head, without it later caving in on you.

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Buying and Selling a Home

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Put a roof over your head, without it later caving in on you.

Buying a House with a Mortgage

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Put a roof over your head, without it later caving in on you.

Calculating Mortgage Payments A house is typically the largest purchase you will ever make, so it makes sense to make an informed purchase.

Mortgage Assignment Using this Power Point as a guide, create a Word document that answers the questions contained in this Power Point. Save it in your “H” drive, as Mortgage Assignment

Mortgage Assignment Question #1 Search the internet for the following key terms: a)Amortization period b)Equity c)Interest d)Principal e)Unpaid Balance

Down payments First-time buyers can often secure financing with only 5% of the purchase price as a down payment. Question #2 Are there any problems with this?? How could it be a negative thing for someone to be able to purchase a house with only 5% down?

Mortgage Assingment Question #3 Find these definitions: a)Closed mortgage b)Fixed Payment

Types of Mortgages

Question #6 Define the following: a)Open Mortgage b)Variable-rate mortgage c)Fixed-rate mortgage

Amortization Schedule Question #7 Explain the following: a)Owner’s Equity b)Unpaid Balance c)Interest on Unpaid Balance d)Principal e)Owner’s New Equity

Amortization Schedule All that sounds complicated, but it’s not bad once you break it down. Let’s look at some examples:

Will Alexandra & Ryan get to live their dream?!

Mr. & Mrs. Anstey

The Ansteys Question #9 Define the following for the Ansteys: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1) bin/mortgage/mpc/start.cgihttps:// bin/mortgage/mpc/start.cgi

The Curtis’ Crib

Question #11 Define the following for the Mr. & Mrs. Curtis: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1) bin/mortgage/mpc/start.cgihttps:// bin/mortgage/mpc/start.cgi

The Curtis Crib

The Gosney’s Abode

The Gosneys Question #13 Define the following for the Mr. & Mrs. Gosney: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1) bin/mortgage/mpc/start.cgihttps:// bin/mortgage/mpc/start.cgi

The Gosney’s Abode

Yetman’s Digs

Langdon’s Digs Question #15 Define the following for the Zach & Shane: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1) bin/mortgage/mpc/start.cgihttps:// bin/mortgage/mpc/start.cgi

Langman’s Digs

Remember… You don’t want to get in over your head and be forced to do this

Because…