Owning a Home
A loan obtained for the purchase of a home
What is a Mortgage?
The 3rd step in the home buying process and typically requires you to stick to a budget.
What is finding a home?
The monthly payments of a 30 year mortgage are usually ___ than a 15 year mortgage.
What is lower?
A percentage of the total price of the home (10-20%) paid by the buyer at the time of purchase.
What is a Down Payment?
The 1st step in the home buying process and will let you know how much the bank will loan you.
What is getting pre approved?
The total interest paid on a 30 year loan.
What is $344,000?
A type of insurance that protects lenders against loss if borrower defaults on the loan.
What is Private Mortgage insurance?
The 5th step in the home buying process which will help uncover any main issues before you make your decision.
What is Getting a Home Inspection?
___ payments are made in a 15 year mortgage.
What is 180 payments?
Your mortgage payment total should be no more than ___ of your take home pay.
What is 25%?
The 2nd step in the home buying process.
What is finding a Agent?
What is the average interest rate for a 15 year Mortgage?
What is 6.09%?
There are five main types of mortgages, name one.
What is a conventional loans, jumbo loans, government loans, fixed-rate loans, and adjustable-rate loans
The 6th step in the home buying process where you close the deal and officially become a homeowner (after signing a lot of paperwork)
What is closing on a home?
The total payment of a 15 year mortgage.
What is $381,960?