Name two other types of mortgage loans besides ARM and fixed rate
jumbo, VA, FHA...
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15
What the bank charges you to borrow money.
interest
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15
Current mortgage rates are ...
6%-7%
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15
If I only put down 10% at closing, what will be an extra cost to me every month?
PMI
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15
The 36% rule says...
No more than 36% of my gross monthly income can go toward all debt payments
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15
What FOUR items may be a part of your mortgage payment?
taxes, principal, interest, PMI, insurance
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15
The expenses which owners and sellers incur during the purchase/sale of a home in addition to the price of the property (recording fees, escrow fees, title insurance, etc.)
closing costs
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boom
Lose 50 points!
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shark
Other team loses 25 points!
Okay!
gift
Win 10 points!
Okay!
thief
Give points!
5
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25
thief
Give points!
5
10
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25
seesaw
Swap points!
Okay!
shark
Other team loses 20 points!
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baam
Lose 10 points!
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15
What is a broker?
realtor boss / owns realty company
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15
An ARM and fixed rate are types of what?
mortgage
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15
A portion of the price of a home that the buyer deposits as evidence of good faith to indicate a serious purchase offer.
earnest money
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thief
Give points!
5
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25
gift
Win 10 points!
Okay!
fairy
Take points!
5
10
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25
baam
Lose 10 points!
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15
If I make $50,000 a year, I can afford a house that costs about $_______?
