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 3 years to then put a down payment on a house, what would the formula be? (in a google sheets cell)
= 'discretionary income' * 36
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).
=SUM(F2:F6)