Buying a Home
The proper term for your credit score is your ___________ score.
FICO
The 1st step in buying a home
Check Your Credit History
What mortgage is the common (in monthly payments)?
360
What is the formula for Capital Gain?
Sale price -- _________ _________= capital gain
purchase price
What is the formula for Gross Monthly Income? (what you type into the Google Sheets cell).
= 'Gross Income' / 12
How fast an asset can be turned an asset into cash. For example, this is very low for a house you own, but very high for stocks you own.
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
ETF stands for...
Exchange Traded Funds
Gross Income -- Taxes = ____ _______
Net Income
Mortgage Affordability is ___% of your gross monthly income.
28%
The 3rd step in buying a home
Apply for the Best Mortgage
What does the "P" stand for in PITI?
Principle
What is the largest ELECTRONIC stock system and market in the world?
Nasdaq
Net Income -- Total Expenses -- Total Spending =
___________ __________
Discretionary Income
If you don't put down at least 20% as a down payment then you must ________.
Escrow
The 4th step in buying a home
Contact a Real Estate Broker
What does the "T" stand for in PITI?
Taxes (Property Taxes)
As other interest rates increase, the bond price should ________.
decrease
If you are making a contribution to your 401(k), it is calculated as a percentage of your...?
Gross Monthly Income
The income taxes that are deducted from our paychecks are...
Federal, State, Local, Medicare & Social Security
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
Stocks are ____ Securities and Bonds are ______ Securities
Equity, Debt
Gross Income -- 401(k) contributions =
______ ______ ______
Adjusted Gross Income