Student Activities. Lesson Five. Buying a Home 04/09
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1 Student Activities $ Lesson Five Buying a Home 04/09
2 should they rent or buy? directions For each of the following situations, circle RENT, BUY, or DEPENDS to indicate your opinion related to this person s housing decision. Also, give reasons for your response. Marla, age 22, plans to work full time while completing her college degree in a nearby city. Bill, age 44, travels out of town frequently for his sales job. His company may transfer him to another sales territory within a year or two. Craig, age 32, recently completed his master s degree in business while working at the same company for the past six years. He has also been able to save nearly $8,000 over this time period. 4. Jess, age 19, has just taken her first job as a sales representative trainee for a computer software company. 5. Barb and Frank, ages 54 and 57, are planning to retire within the next few years. buying a home student activity 5-1
3 conducting a home inspection Based on your personal observations of homes, interviews with homeowners and real estate agents, and internet research, list several items to consider when conducting an inspection before deciding to buy a home. exterior facilities: exterior construction: interior construction: interior design: buying a home student activity 5-2
4 shopping for a mortgage Use the following form to compare two or more sources of home mortgages: Type of mortgage: (conventional, adjustable rate) Length: (# years) Mortgage amount: Financial institution: (address, phone) Contact person: Website: Application fee: Credit report: Appraisal fee: Loan origination fee: Interest rate: Monthly payment: Points: Other fees, charges (prepaid interest): Other information: buying a home student activity 5-3
5 computing mortgage payments Using the following mortgage payment factors, calculate the monthly mortgage payment for the following situations. mortgage payment factors (principal and interest factors per $1,000 of loan amount) Term Rate 30 Years 25 Years 20 Years 15 Years 6.0% $6.00 $6.44 $7.16 $ Example: A 30-year mortgage at 9 percent for $80,000. Calculations: $8.05 from table times 80 (for $80,000) equals $644 A 15-year mortgage at 8.5 percent for $75,000. A 30-year mortgage at 8 percent for $95,000. A 20-year mortgage at 7 percent for $155, A 30-year mortgage at 7.5 percent for $60, buying a home student activity 5-4
6 true-false A main advantage of buying is pride of ownership. lesson five quiz: buying a home Buying a home will usually have fewer costs than renting. The home-buying process ends with closing the purchase transaction. 4. A larger down payment will reduce the amount of the mortgage needed. 5. Conventional mortgages usually have a rate that changes as market interest rates change. multiple choice 6. A common disadvantage of 8. The amount of a mortgage a person buying a home is: can afford is affected by: A. few financial benefits A. the location of the house B. limited mobility B. her or his income C. restrictions on decorating C. the cost of insurance and having pets D. his or her age D. conditions in the lease 9. A mortgage has a very large 7. The home-buying process final payment. starts with: A. conventional A. locating and evaluating a home B. graduated-payment B. pricing the property C. shared-appreciation C. determining homeownership needs D. balloon D. obtaining an appraisal of the property 10. The charges for settling a real estate transaction are also called costs. A. mortgage B. closing C. possession D. selling case application Roberto and Shelly have been able to save $7,000 for a down payment on a house. Roberto would like to buy a large home that is a long drive from their jobs. Shelly would like a small townhouse near their work. What factors should they consider when buying a home? buying a home quiz 5-5
Student Activities. Lesson Three. Buying a Home 04/09
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