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Budgeting for a Home
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What are the 4 school expectations?
safe, responsible, respectful, follow directions
How is it possible someone could pay their mortgage monthly for years without reducing their principal by very much?
 
In early years, most of the payments go toward interest
 
The bank is pocketing that money instead of paying toward t
Which of these is not a requirement you should meet before buying a home?
 
You are married with children
 
You qualify for good mortgage terms
 
You have enough saved for a down payment & emergency fund
 
You plan to stay in the home for 5 or more years
How much money should you put toward your home's downpayment?
 
20% of the price of the home
 
Your entire emergency fund
 
3 times your monthly expenses
Millennials are buying fewer homes than in previous generations for each of these reasons EXCEPT...
 
They find apartments to be trendier and more fun
 
They have to self-fund retirement to a greater extent
 
They are paying down large student loans instead
Buying a home achieves which two financial goals at the same time?
 
Providing a place to live, investing for the future
 
Providing a place to live, paying for your college expenses
 
Providing a place to live, paying off your consumer debt
sum of money you pay to your landlord or property management company when you sign a new lease, usually equal to one to two months' rent
 
security deposit
 
pet fee
 
mortgage
a contract outlining the terms of your rental
 
lease
 
mortgage
Which of the following is not a factor you should consider when deciding where to live?
 
color of the paint
 
cost of living
 
job availability
 
commute
What is the average monthly rent for a two-bedroom apartment the US?
 
$1320 per month
 
$500 per month
 
$2000 per month