Home Buying - High Point University
Home Buying Questions
1. What variables should be considered in a rent vs. buy situation?
2. What should you know before buying a house?
3. Regarding loan approval, what is the difference between pre-qualified and pre-approved?
4. Explain the 28/36 qualifying ratios for loan approval.
5. Is the 28/36 qualifying ratio a good ratio for you to use to determine the maximum size of mortgage payment? Explain.
6. List and define the various types of closing costs.
7. How do you value a house?
8. What does “locking in an interest rate” mean?
9. PMI (private mortgage insurance) costs approximately .6% of the loan amount the first year and .5% after the first year. What is PMI? Is PMI tax deductible? How can you avoid private mortgage insurance? If you have PMI, how can you terminate it?
10. What is the difference between a fixed-rate mortgage and an adjustable rate mortgage (ARM)?
11. When is a fixed-rate mortgage preferred over an ARM? ARM over a fixed-rate?
12. You are thinking of obtaining a 5/1 ARM. The current rate is 6.50%. The yearly cap is 2 percent? The lifetime cap is 5 percent above the original rate? Assuming the worst case scenario, what will the interest rates equal for each of the next 10 years?
13. What are the two most common lengths of time for mortgages?
14. What are the advantages of a 15 year mortgage? 30 year mortgage?
15. Why is the tax deduction greater at the beginning of a mortgage?
16. What are points? One point equals what percentage of the loan?
17. What is the purpose of an escrow account?
18. What is a home equity or equity line of credit loan? When should you use an equity line-of-credit?
19. What does “refinancing” mean and when should someone consider refinancing?
20. What are the tax benefits if you sell your house after living in it for two years?
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
Related searches
- first time home buying guide
- dave ramsey home buying tips
- first time home buying advice
- home buying checklist of questions to ask
- low income home buying programs
- home buying checklist pdf printable
- home buying process pdf
- home buying tips
- high point words with friends
- high point financial mortgage
- lowest high point in europe
- guilford county courthouse high point nc