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Buying a house

  •  English    26     Public
    realty and mortgages
  •   Study   Slideshow
  • An ARM and fixed rate are types of what?
    mortgage
  •  15
  • The first step you need to take before meeting with a realtor is...
    get pre-approved
  •  15
  • The difference between the value of your house and the amount that you owe is
    equity
  •  15
  • Current mortgage rates are ...
    6%-7%
  •  15
  • What does PMI stand for?
    Private mortgage insurance
  •  15
  • If I only put down 10% at closing, what will be an extra cost to me every month?
    PMI
  •  15
  • Name two other types of mortgage loans besides ARM and fixed rate
    jumbo, VA, FHA...
  •  15
  • If I make $50,000 a year, I can afford a house that costs about $_______?
    $150,000
  •  15
  • What is the rule to help me determine how much of a mortgage payment I can afford?
    28/36
  •  15
  • The 28 of the 28/36 rule says ....
    28% of my gross monthly income can go toward housing costs
  •  15
  • The 36% rule says...
    No more than 36% of my gross monthly income can go toward all debt payments
  •  15
  • How does an appraiser determine the value of a house?
    Value of the home itself as well as comparable sales
  •  15
  • When I take out a loan, the actual loan amount is called ____
    principal
  •  15
  • What is a broker?
    realtor boss / owns realty company
  •  15
  • How do you become a realtor?
    4 classes + pass state/national tests
  •  15
  • What FOUR items may be a part of your mortgage payment?
    taxes, principal, interest, PMI, insurance
  •  15