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An ARM and fixed rate are types of what?
mortgage
The first step you need to take before meeting with a realtor is...
get pre-approved
The difference between the value of your house and the amount that you owe is
equity
Current mortgage rates are ...
6%-7%
What does PMI stand for?
Private mortgage insurance
If I only put down 10% at closing, what will be an extra cost to me every month?
PMI
Name two other types of mortgage loans besides ARM and fixed rate
jumbo, VA, FHA...
If I make $50,000 a year, I can afford a house that costs about $_______?
$150,000
What is the rule to help me determine how much of a mortgage payment I can afford?
28/36
The 28 of the 28/36 rule says ....
28% of my gross monthly income can go toward housing costs
The 36% rule says...
No more than 36% of my gross monthly income can go toward all debt payments
How does an appraiser determine the value of a house?
Value of the home itself as well as comparable sales
When I take out a loan, the actual loan amount is called ____
principal
What is a broker?
realtor boss / owns realty company
How do you become a realtor?
4 classes + pass state/national tests
What FOUR items may be a part of your mortgage payment?
taxes, principal, interest, PMI, insurance
