Personal Finance, Purchasing and Financing a Home
Personal Finance, Purchasing and Financing a Home 53329 - FIN 108 - 007
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This 2 page Class Notes was uploaded by Peyton Goodwin on Tuesday October 11, 2016. The Class Notes belongs to 53329 - FIN 108 - 007 at Indiana State University taught by Harry Edward Gallatin in Fall 2016. Since its upload, it has received 4 views. For similar materials see Pers Finan Mgt in Finance at Indiana State University.
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Date Created: 10/11/16
Chapter 10 Notes Purchasing and Financing a Home You can afford about 10-20% down Typical mortgages are fixed rate and around 30 years Home price should be no more than twice your total gross annual household income Don’t go for the maximum that you can afford! Home values don’t always rise over time Purchasing a home may be the biggest investment you will make, this is important. Listen to a real estate agent, but make sure to make your own decisions • Criteria used to select a home – Price – Convenient location – Maintenance – School system – Insurance – Taxes–usually between 1 and 2 percent of market value of home – Homeowner’s Association – Resale value–consider real estate commission • Closing costs – Loan application fee—from $100 to $500 – Points: a fee charged by the lender when a mortgage loan is provided; stated as a percentage of the mortgage loan amount – Loan origination fee—about 1% of the mortgage amount – Appraisal fee—from $200 to $500 – Title search and insurance • Mortgage refinancing: paying off an existing mortgage with a new mortgage that has a lower interest rate
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