Ch 12 - Real Estate & Mortgages; Course Reflection SP_19
Identify 2 concepts you learned in Chapter 12 that you didn't know before about purchasing a home and mortgages. How this information will help you in the future.
**This assignment is a minimum of 5 complete sentences.
**This blog is due today, May 15, 2019 at the END OF YOUR CLASS PERIOD.
You should get a payment of no more than 25% of your take home pay on a 15-year fixed-rate loan, with at least 10% down. Homes appreciate in good neighborhoods and are priced based on location. I had no idea that location made a difference in the price of a house. It is always better to buy a home near water or with a good view. You should always stay away from adjustable rate mortgages and interest only loans. But if you have to take out a mortgage you need to make sure you have a fully-funded emergency fund first. You also need to be debt-free.
You should think like a retailer when you're selling a home. In this instance, you should make sure the house is in "near perfect" condition because the return on investment of fix-up dollars. is enormous. Also, you should list your house on an online database to ensure more bidders. You should have the home inspected mechanically and structurally by a CERTIFIED home inspector. These are called appraisals and they are an "opinion of value", but ti's a better opinion than the current homeowner possesses.
Never buy a trailer or a mobile home because you can't sell them after awhile. Also if you are looking in a area of homes make sure to search around and get the lowest amount of money for the house you are purchasing so you don't have to pay more than what the neighborhood is worth. Also by looking for a house to buy, you can really tell by those who want to sell because their view from the street and the way it looks from the outside. There are many reasons to own a home for a good investment. It is because it's a forced savings plan, it has inflation hedge, and it grows tax-free. Purchasing a home can and will be very expensive and will have to be paid monthly. A downpayment is usually required to any house and that is to get a start on your payments.
I learned a ton with this chapter and earned some great tips. One of the most helpful sections would've been the horrible mortgage options. I learned that interest only, reverse mortgages, or ARM are pretty much ripping you off and not helping your financial situations. I also found it very interesting that it's better for a veteran to get a conventional loan rather than a VA loan. It's also important to have a home inspector insepct a home to certify it.
I learned that you should not buy a trailer or mobile home, because you wont be able to sell them. It just not worth buying a trailer or mobile home. I also learned not to buy a house right next to any water unless I want to pay just a little more for the house. The house next to the water is more than any other house thats not by the water.
You should get a payment of no more than 25% of your take home pay on a 15-year fixed-rate loan, with at least 10% down. Homes appreciate in good neighborhoods and are priced based on location. I had no idea that location made a difference in the price of a house. It is always better to buy a home near water or with a good view. You should always stay away from adjustable rate mortgages and interest only loans. But if you have to take out a mortgage you need to make sure you have a fully-funded emergency fund first. You also need to be debt-free.
ReplyDeleteYou should think like a retailer when you're selling a home. In this instance, you should make sure the house is in "near perfect" condition because the return on investment of fix-up dollars. is enormous. Also, you should list your house on an online database to ensure more bidders. You should have the home inspected mechanically and structurally by a CERTIFIED home inspector. These are called appraisals and they are an "opinion of value", but ti's a better opinion than the current homeowner possesses.
ReplyDeleteNever buy a trailer or a mobile home because you can't sell them after awhile. Also if you are looking in a area of homes make sure to search around and get the lowest amount of money for the house you are purchasing so you don't have to pay more than what the neighborhood is worth. Also by looking for a house to buy, you can really tell by those who want to sell because their view from the street and the way it looks from the outside. There are many reasons to own a home for a good investment. It is because it's a forced savings plan, it has inflation hedge, and it grows tax-free. Purchasing a home can and will be very expensive and will have to be paid monthly. A downpayment is usually required to any house and that is to get a start on your payments.
ReplyDeleteI learned a ton with this chapter and earned some great tips. One of the most helpful sections would've been the horrible mortgage options. I learned that interest only, reverse mortgages, or ARM are pretty much ripping you off and not helping your financial situations. I also found it very interesting that it's better for a veteran to get a conventional loan rather than a VA loan. It's also important to have a home inspector insepct a home to certify it.
ReplyDeleteI learned that you should not buy a trailer or mobile home, because you wont be able to sell them. It just not worth buying a trailer or mobile home. I also learned not to buy a house right next to any water unless I want to pay just a little more for the house. The house next to the water is more than any other house thats not by the water.
ReplyDelete