Buying a Home
If you put less than 20% down on a house, you must __________.
Escrow
The 1st step in buying a home
Check Your Credit History
What mortgage is the common (in monthly payments)?
360
The 3 most common mortgage lengths:
30 year, 20 year, 15 year.
What key must you type when you are using a formula in a Google Sheet cell?
=
Real Estate may take months or even years to sell. This investment has very low ________.
Liquidity
The 2nd step in buying a home
Calculate your own mortgage affordability
Lenders won’t lend you money unless the property has acceptable ____________.
Insurance
The proper term for your credit score is your ___________ score.
FICO
What is the formula for Gross Monthly Income? (what you type into the Google Sheets cell).
= 'Gross Income' / 12
Fees that search the (rights of ownership) of the house and therefore protect the buyer and seller.
Title Fees
The 3rd step in buying a home
Apply for the Best Mortgage
What does the "P" stand for in PITI?
Principle
The longer the Mortgage, the ________ the monthly payment.
lower
What is the formula for Net Monthly Income? (what you type into the Google Sheets cell).
= 'Gross Monthly Income' - 'Total Monthly Taxes'
This fee/tax goes to the state that you are purchasing the property.
Transfer Tax
The 4th step in buying a home
Contact a Real Estate Broker
What does the "T" stand for in PITI?
Taxes (Property Taxes)
What does HOA abbreviation stand for?
Home Owners Association
If you wanted to save for 5 years to then put a down payment on a house, what would the formula be? (in a google sheets cell)
= 'discretionary income' * 60
Generally, the biggest contributing factor to the price of Real Estate is __________.
Location
The 5th step in buying a home
Search for a house that meets your needs
What does the 1st "I" and the 2nd "I" stand for in PITI? (must get both for credit)
Interest, Insurance
Your Mortgage Affordability should be ___% of your ______ ______ _______.
28%. Gross Monthly Income.
What is the formula for Total Monthly Expenses, if you have 5 different expenses, in column F, starting at cell 'F2'? (what you type into the Google Sheets cell). WRITE IT ON THE BOARD EXACTLY HOW YOU WOULD ENTER IT IN GOOGLE SHEETS!
=SUM(F2:F6)