October 9th
Warm Up: What does your dream house look like? What city is it in? How many bedrooms/bathrooms? What type of house is it? How much do you think it will cost? Describe the house in detail! Mortgage Worksheet- Calculator October 10thWarm Up: Is a mortgage good or bad debt? Mortgage Worksheet- Info below is the same How Much House Can You Afford? calculator Pros/Cons and a current interest rate for the following types of mortgages: Conventional-30 year Conventional-15 year FHA Loans VA Loans ARM-5 year Jumbo loan-What is it? What are the loan options for putting less than 20% down? Part B- Use the Bankrate.com “How much House can you Afford” calculator to help you answer the following questions. Use $800 each for homeowners insurance and real estate taxes. Every field must be filled in. 1) Your salary is $75,000 (take home) a year or $6,250 a month. You have saved $100,000 through diligent monthly savings. You are 30 years old and single. Your total monthly expenses are $3,275, which includes a car payment for $300 and monthly rent of $1,250. How much house can you afford? Which loan will you choose for them? What is the interest rate? How much will the monthly payment be? 2) Your salary is $46,000 (take home) a year or $3,833 a month. You have saved $22,000 though diligent savings. Your total monthly expenses are $2,000, which includes a credit card payment of $90 and monthly rent of $1,250. How much house can you afford? Which loan will you choose for them? What is the interest rate? How much will the monthly payment be? October 11th-No classOctober 12th Warm up: How would you describe yourself as a consumer? Has anything changed for you as you have gone through this class? Finish worksheet from Tuesday. Mortgage Worksheet- Info below is the same How Much House Can You Afford? calculator Pros/Cons and a current interest rate for the following types of mortgages: Conventional-30 year Conventional-15 year FHA Loans VA Loans ARM-5 year Jumbo loan-What is it? October 13thIf someone gave you $500 to do something for someone else what would you do for them? Pick a person you know or a situation you have encountered.Warm up: Scenario: Guest Speaker-Pam Moore Home Buyer Education Book-See pages 43-65
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## Check out the daily work and warm ups if you miss class and please make up the work! I want you all to succeed. I will accept late work for two weeks after it is due. Check in with me if something comes up! |

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