Home Sweet Home
What are three warning signs that a rental might be scam?
1. Reluctance to Meet In-Person
2. Rushed Move-In Timelines
3. An Absent Landlord
4. Money Demands Before Touring
5. Vague Listing Details
6. Withheld Security Deposits
7. Immaculate Pricing
8. Grammatical Errors
9. No Tenant Screening Process
10. Incomplete Lease Documents/The application asks for sensitive information during the process.
Define Grace Period
The time between when you spend money using the credit card and when the company charges you interest.
What is the difference between a fixed rate and a variable rate for interest on a loan?
Fixed Rate: has the same interest rate for the entirety of the borrowing period
Variable Rate: have an interest rate that changes over time depending on the market.
TRUE / FALSE: There is a maximum you can write on a check - over this and you need to write additional checks.
FALSE - Checks are money YOU HAVE, so you can write as much as you can back!
Quiet hours, guest policy, bill splits, communal needs, pets, parking agreements.
What are three things that you should do before emailing/reaching out about a rental?
Research the landlord/organization
Verify the address.
Check street views of the property.
Visit and tour the rental in person.
Meet in person.
Double check its a reputable site
What are two different examples of loans
Student loans
Personal loans
Mortgage
Auto loan
Credit cards
Store cards
What is Credit Utilization? What percentage do you want to stay under?
The percentage of your credit you are using - it is recommended to stay under 30%
What is one of the other programs we talked about in class, other than college or the workforce?
Americorp, Peacecorp, WOOFING, military service
What are the three major expenses to consider when creating a budget?
How might you double check that a rental property's location is true?
check on google maps that the exterior matches images, check other listing sites listings at that location with similar pictures, contact property manager via PHONE CALL.
What is the difference between Credit Reports and Credit Scores
Credit Report - a detail of your credit history
Credit Score - a number given to represent your predicted credability information from your credit reports.
What are two of the six methods to build credit we discussed in class?
- Become an authorized user on a family account.
- Secured Credit Card
- Find a Cosigner
- Student Credit Cards
- Access Boost Programs to report utilities and rent
- Credit Builder Loans
The details of any loan will include which THREE things.
The principle, the interest rate, the loan term
What are Three of the Different Types of Loans (surfboards).
- mortgages
- auto loans
- student loans
- small business loans
- pay-day loans
You should aim to keep your rent below ______%.
______% for utilities.
______% for the property cost.
You should aim to keep your rent below 30%.
20% for utilities.
80% for the property cost.
Define Annual Percentage Rate (APR)
the interest rate you pay on balances you carry over from month to month. It may also include late or international transaction fees.
What is the Snowball method of debt payment?
Pays off the accounts starting with the smallest balances first, while paying the minimum payment on larger debts.
What is COLA?
Cost of Living Adjustment - which is indicative of the amount of money you need to sustain a certain lifestyle in a given place. It can be beneficial to compare alongside income and other factors when choosing where to live.
What are two tips to consider while creating an emergency fund?
1. Set a specific amount of time to cover
2. Get organized -set up separate funds
3. Try challenging yourself to a spending freeze
What is the Price to Rent Ratio used for?
The PR Ratio designates if it might be better to rent or buy in a certain area. A good PR ratio is below 15%
What is the range a credit score can fall in?
Credit scores range from 300-850
What is the Avalanche ("High Rate") method of debt payment?
Prioritizing debts with higher interest. While making minimum payments, apply additional money to loans with the highest interest rate.
What are two situations in which a check might be used rather than credit or debit?
paying rent, paying bills (oil, gas, ect.), purchases at stores or from private sellers.
What is the "T" in the check registry for?
"Transaction" check - to be checked off once the amount has been matched and checked against a bank account statement.