Buying a home is likely the largest purchase you will make during your life time. Unlike any other type of purchase, home buying is typically an involved, long process that may take months to complete. A significant amount of research, learning, and negotiation takes place during that process.

As part of your overall financial planning for the future, you start exploring the idea of home ownership. During this process you learn more about home ownership options and sources of funding. Research your preferred neighborhood real estate market and explain the difference between a coop, a condo, and a house. Also, detail three different types of mortgages and explain which type of real estate and mortgage would be best for you. What are your 5- and 10-year goals that will get you closer to achieving your goal of home ownership? Be specific and use actual numbers reflecting current market state and your financial plan.

the market price for real estate in the throngs neck neighborhood is $500,000.