Week 3: Mortgage Journal
- Your instructor will give you information about the mortgage for the property. Add the information given by your instructor below.
| Down Payment Required (List %): | 10% |
| Number of Points at Closing | 4 points |
| Mortgage Time Frame for Loan: | 30 years |
| Interest Rate (List %) Assume point(s) have already been applied: | 8% |
| Annual Insurance Amount: | $7000 |
| Annual Property Taxes Amount: | $6000 |
- Use websites like Zillow.com or Realtor.com to find a house/condo/townhome in your area that you would want to purchase. Provide a screenshot of the house, price, and description in your journal and link to the specific home in case further information needs to be extracted.
- Your instructor will act as your bank lender and will provide you with the specifics of the mortgage that you will acquire:
- Down payment required
- Number of points at closing
- Time frame for loan
- Interest rate
- Annual insurance amount
- The annual property taxes amount
- Complete the Mortgage Journal TemplateLinks to an external site. That will require you to compute the calculations needed for the mortgage.
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