Renting Basics
Renting is a great option for many people.
True
Your decision to rent or buy depends on this…
your financial situation
What is the best mortgage option? (hint-years/type)
15-year fixed-rate conventional mortgage
The average cost of goods and services needed to maintain a standard of living
cost of living
Paying extra for these may hurt your financial goals…
amenities
Making periodic payments to a landlord for the use of their property is called…____ or _____
renting or leasing
True or False. A lease is enforceable by law once signed.
True
You should be debt-free and have savings before you…
buy a house
Rent should not exceed this percent of your income…
25%
A home typically will do this in value over time…
increase
A legal document that allows the renter to use the property for a period of time?
leasing contract/agreement
Can you purchase a home without a credit score?
yes
The only acceptable time to borrow money is…
When buying a home (mortgage)?
The amount borrowed to purchase a home is called the...
principal
Spending too much on a home makes you…
house poor
Living off campus requires you to pay for....(think 4 walls- but only 3 as it pertains to question)
rent, utilities, groceries
You should rent until you can do this…
buy a home
What is the next step after hiring a real estate agent...
looking at homes within your budget
Type of mortgage rate that is set for a specific number of years
fixed rate mortgage
To live peacefully with a roommate, you should… ____, ____, and ______
communicate, be respectful, and communicate
What are some things that should be in a lease contract?
property address, rental term, security deposit terms, pet fees if any, your name, landlords name
____ is the difference between what you owe and what your home is worth.
equity
_____ can put your home buying purchase at risk
debt
A loan not backed by the government is…
conventional loan
Over the long term, this living situation is usually the better deal…
homeownership