Find the current interest rate on home loans and determine the monthly cost for the homes you choose. Find the cost for mortgage insurance.
Calculate the monthly payments including taxes, mortgage insurance, and interest. Determine the total cost of purchasing the home at the end of the mortgage term. You will determine the location, features, and price of the home and explain your choices. You will then search for a house meeting the above criteria using the websites listed below.
Be sure to note the website where you found your house in your presentations. You will choose 2 homes from the houses obtained in your search that you would like to purchase. Use the Home Buying Record Sheet that is in the google docs template gallery. Go to Google Docs and save yourself a copy of this file.. You need to research mortgage options for home buying.
You are to find the interest rate associated with each down payment option and calculate the mortgage payments for each. You will need to consider 2 types of loans for each home. Record all your findings. The cost per month is.
Based upon the monthly payment above including taxes and insurance , You must determine if the the price would be reasonable for your anticipated future income. You must determine total cost of purchasing the home chosen Determine the interest paid during the loan.
You are to compile the closing costs for your home purchases. Use the Closing Cost Record Sheet that is in the google docs template gallery.
Be sure to give a complete description of the costs involved with each home purchase. Include a list of websites used for the presentation. You will have to find the rates needed for the loans first. On 2 borrowing options. The student did solid research and gave a mostly complete report.
The student did solid research and had a complete written report. Student did not present. Student did not articulate information. Student articulated information but not good timing. Student articulated information very well. During the Buying a Home web quest you were using critical thinking skills such as: This involved research and the use of problem solving skills.
Upon the completion of this web quest you should have a much clearer understanding of what is necessary in order to purchase a home and understand the costs involved and should have sharpened your critical thinking, research, and problem solving skills. Student did not research the price of homes nor did calculate the mortgage. Student researched the price of homes but did not calculate the mortgages. The reason of loading the students with a number of assignments, course works or projects is that the teachers feel that every student should be capable to meet with the fast pace of today's world which is moving towards advancement and development.
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