Review Questions
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Sweet Home
How
Much House Can You Afford?
Determine how much house you can afford __________ you go looking!
The maximum percent of your Net Spendable Income that you should budget for HOUSE is ______ to _____ %.
The primary business of lending institutions is selling _________.
A realtor is paid based on the _________ price of the house.
When the total percentage of N.S.I. for House, Food, and Auto exceeds ______%, you will have extreme difficulty making your budget work.
How Much Should I Put Down?
A down payment of at least ________ % will keep you from paying Private Mortgage Insurance.
To get the lender to drop the P.M.I. requires that you prove that the loan to value is at least ______ %. This will require you to get a new _______________.
What
Term Loan Should I Use 15/30?
The loan rate for a 15 year loan verses a 30 year loan will be approximately ________ % less.
The monthly payment would increase _______ to _________ %.
The big savings would be realized as a result of the ____________ paid.
Should I Pay My Mortgage Off Early?
Never keep an existing debt based solely on _______ consequences.
The amount of the interest payment that you are allowed to deduct from your earned income is equal to your __________ rate.
The cash flow into your budget will __________ if you pay your mortgage off.
The one variable that is often not considered when looking at an investment as apposed to reducing your mortgage is ______________.
Should I Refinance?
The closing cost required to refinance is approximately ______ to _______ % of the loan value.
You should consider refinancing if you plan to stay in your home longer than the number of months required to ___________ __________ on the cost required to refinance.
If you are considering refinancing, you might want to keep the same ___________ while __________ the term of the loan.
