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FINANCIAL RESEARCH-REAL ESTATE- HOUSE PURCHASE “MORTGAGE” HYPERLINK "" ALL ANSWERS ON THIS WORKSHEET & SAVE AS REAL ESTATE RESEARCH.REAL ESTATE (HOUSE)Find 2 houses in the Allen or Collin County area online that you would be interested in purchasing. This will be your first house to purchase by yourself and your price can be 100k to 300k. Answer the following questions based on your research. HOUSE #1 Location (Address)___________________________________________________________ Sub-division/Community_______________________________________________________________Listed Price of the House $______________________Square Footage Amount___________________ One story/Two story__________________________How many Bedrooms___________ Bathrooms__________ Living Areas__________ Garage________Describe other features about the house (pool, media room, etc)_______________________________________________________________________________________________________________________________________________________________________________________________________What web site is the house listed on (what is the real estate company)?________________________What do you like best about the house______________________________________________________________________________________________________________________________________GO TO COLLIN CENTRAL APPRAISAL DISTRICT WEB SITE ( >>Property Records)YOU MUST HAVE THE ADDRESS TO GET THE VALUEWhat is the TAXED ASSESSED VALUE of the house (Tax Appraisal) $______________________ What year is the value_______________This is the Tax appraised value of the home, it is usually about 10-20% lower than an Independent Appraised Value would be.Assuming 10% what would the estimated appraised value of the home be?$___________________________________ Taxed Value x (1.10)Based on this information is the price a good value (explain)___________________________________________________________________________________FINANCING (Research 2 Financial Institutions but record only one, best one) LOCAL DALLAS/FW AREADo research on getting a mortgage loan (MORTAGAGE CALCULATOR). What type of interest rate you could possibly get from a financial institution (bank or credit union) to purchase the house. Assume a 30 year fixed rate with 10% down. How much cash down (10% of purchasing price) $__________________________Financial Institution:______________________ APR or interest rate________________ ( 30 yr fixed Average Mortgage Rate) What is your monthly payment?____________________________ (you can use a mortgage financial calculator) USE LISTED PRICE + $5000 for closing cost to be the amount financed.*Added to your monthly mortgage payment will be ESCROW (Property Taxes and Insurance). Average your Escrow payment by adding 50% of your monthly payment to estimate your total monthly payment. Example: Monthly Payment before Escrow $1000 x (1.50) = $1,500 for total monthly pymt.***What is your total monthly payment (including escrow) $_______________________HOUSE #2 Location (Address)___________________________________________________________ Sub-division/Community_______________________________________________________________Listed Price of the House $______________________Square Footage Amount___________________ One story/Two story__________________________How many Bedrooms___________ Bathrooms__________ Living Areas__________ Garage________Describe other features about the house (pool, media room, etc)_______________________________________________________________________________________________________________________________________________________________________________________________________What web site is the house listed on (what is the real estate company)?________________________What do you like best about the house______________________________________________________________________________________________________________________________________GO TO COLLIN CENTRAL APPRAISAL DISTRICT WEB SITE ( >>Property Records)YOU MUST HAVE THE ADDRESS TO GET THE VALUEWhat is the TAXED ASSESSED VALUE of the house (Tax Appraisal) $______________________ What year is the value_______________This is the Tax appraised value of the home, it is usually about 10-20% lower than an Independent Appraised Value would be.Assuming 10% what would the estimated appraised value of the home be?$___________________________________ Taxed Value x (1.10)Based on this information is the price a good value (explain)___________________________________________________________________________________FINANCING (Research 2 Financial Institutions but record only one, best one) LOCAL DALLAS/FW AREADo research on getting a mortgage loan. What type of interest rate you could possibly get from a financial institution (bank or credit union) to purchase the house. Assume a 30 year fixed rate with 10% down. How much cash down (10% of purchasing price) $__________________________Financial Institution:______________________ APR or interest rate________________ ( 30 yr fixed Average Mortgage Rate) What is your monthly payment?____________________________ (you can use a mortgage financial calculator) USE LISTED PRICE + $5000 for closing cost to be the amount financed.*Added to your monthly mortgage payment will be ESCROW (Property Taxes and Insurance). Average your Escrow payment by adding 50% of your monthly payment to estimate your total monthly payment. Example: Monthly Payment before Escrow $1000 x (1.50) = $1,500 for total monthly pymt.***What is your total monthly payment (including escrow) $_______________________DECISION TO BUY?WHICH HOUSE IS THE BEST VALUE:_____________________________________________WHICH ONE WOULD YOU BUY AND WHY? _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ................
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