Find a Place to Live
Owners of rental housing are usually called this.
What is a landlord?
The most common scale used in drafting a floor plan.
What is 1/4 inch =1 foot?
A long-term loan for a house.
What is a mortgage?
List recurring costs and three non-recurring costs associated with buying a home.
Recurring: Mortgage payment, homeowners insurance, utilities, taxes Non-recurring: closing costs, origination fees, pre-paid interest, earnest money
Why would anybody want a mortgage with a balloon payment?
When your income is expected to dramatically increase in the next few years, or you do not plan on owning the home long.
Written rental agreement.
What is a lease?
If the scale is one foot equals 1/4 inch, 8 feet would be
What is 2 inches?
This is the part of the purchase price for a house that is paid up front.
What is a down payment?
You can expect to pay this range of the purchase price at closing?
2%-7%
You rent an apartment for $550 a month, if the rent goes up 4% a year, what will the rent be in the third year?
$594.88
This is often equal to one month's rent or the first and last months' rent.
What is a security deposit?
Justin wants to get new carpet in his bedroom. His bedroom is a 5 feet by 10 feet rectangle. How much square feet of carpet does Justin need to cover his whole room?
50 feet2
What is a separate account held by a mortgage lender out of which required property bills such as taxes and insurance are made? ... What is an account where funds are held by a third party on behalf of two other parties that are in the process of completing a transaction such as a home purchase?
Escrow Account
this serves as evidence of the buyer's intention to carry out the terms of the contract
What is earnest money deposit
What are two different types of mortgages?
Fixed Rate Mortgage, Adjustable Rate Mortgage (ARM), Balloon Payment Mortgage
This is often equal to one month's rent or the first and last months' rent.
What are utilities?
Alexis wants to get new carpet in her living room. Her living room is a 10 feet by 9 feet rectangle. How much square feet of carpet does Justin need to cover his whole room?
90 feet2
What is the paying off of debt, such as a mortgage, with a fixed repayment schedule in regular installments over time?
Amortization
The monthly payment consists of what?
What is interest and principle
Describe the difference between a fixed rate mortgage and an adjustable rate mortgage.
A fixed rate mortgage has a constant interst and payment amount, whereas the ARM interest rate can fluctuate, thereby changing the payment amount.
If it's important to have a home near your work, school, transportation, etc., __________ maybe be your most important priority in selecting housing.
What is location?
Drew wants to tile his bathroom floor. The bathroom is a 6 feet by 7 feet rectangle. How many square feet of tile will Drew need?
42 feet2
Fannie Mae requires a contribution of 3% of the purchase price from first time home buyer/s resulting in a max loan to value of 97%. The buyer's contribution is known as
What is down payment?
The extra amount you must payback on a loan
What is INTEREST
What is the purpose of homeowners insurance?
Homeowners insurance will cover the cost of damages to the home and furnishings due to fire or some other natural disaster, in additon to theft or vandalism. (Also, this will cover items stolen from your car, like laptops, cellphones and other situations like skiis stolen at the lodge, and this also covers liability in the event your dog bites the mailman.)