Buying a House Project Part 2: Shop for a Mortgage Use the following information regarding interest rates (with excellent credit): Introduction It is a very big decision to become a first-time homeowner. There are many things that need to be considered. Three important factors are the price of a home, mortgage interest rates and a person's salary. In this project we will look up current values for these three factors and compare them across the United States. We will see how current interest rates affect the mortgage a person can afford. 15-Year Fixed 3.5% 30-Year Fixed 5.0% Interest Rate Part 3: Calculate your costs Fill in the tables below. You will use both the house listing on realtor.com and your knowledge from the textbook. Part 1: Shop for a House Use http://www.realtor.com to shop for two homes using the zip code 27603. One home must be under $200,000 and have 3 bedrooms and 2 full bathrooms. The other home will be your idea of your dream home. You must use the SAME ZIP CODE of 27603, however you may set any other parameters you wish in the search. These two homes must not be listed as CONTINGENT. Make sure you do not use rental property because you are buying a home. Fill in the table below with the information about the two homes you choose. Address of House #1 15-Year Fixed 30-Year Fixed List price of Home Down Payment Amount (20% of list) Square Footage List Price of Home Price per Sq. Foot Bedrooms Bathrooms Amount Borrowed (Price of Home - Down Payment Amount) Address Features Interest Rate (based on excellent credit) Monthly Payment for Principal and Interest Total Paid Back to Bank (principal + interest) Estimated Annual Property Tax Amount (from Realtor.com) Estimated Annual Insurance (from Realtor.com) TOTAL MONTHLY PAYMENT Address of House #2 15-Year Fixed 30-Year Fixed List price of Home Down Payment Amount (20% of list) Amount Borrowed (Price of Home - Down Payment Amount) Interest Rate (based on excellent credit) Monthly Payment for Principal and Interest Total Paid Back to Bank (principal + interest) Estimated Annual Property Tax Amount (from Realtor.com) Estimated Annual Insurance (from Realtor.com) TOTAL MONTHLY PAYMENT Step 4: Calculate your closing costs Using the following information, calculate the amount of money you would need to bring to closing for both of your houses chosen. House # 1 House #2 Estimated Closing Costs - 3% of sales price - Attorney-$450 Title- $390 - Buying a House Project Part 2: Shop for a Mortgage Use the following information regarding interest rates (with excellent credit): Introduction It is a very big decision to become a first-time homeowner. There are many things that need to be considered. Three important factors are the price of a home, mortgage interest rates and a person's salary. In this project we will look up current values for these three factors and compare them across the United States. We will see how current interest rates affect the mortgage a person can afford. 15-Year Fixed 3.5% 30-Year Fixed 5.0% Interest Rate Part 3: Calculate your costs Fill in the tables below. You will use both the house listing on realtor.com and your knowledge from the textbook. Part 1: Shop for a House Use http://www.realtor.com to shop for two homes using the zip code 27603. One home must be under $200,000 and have 3 bedrooms and 2 full bathrooms. The other home will be your idea of your dream home. You must use the SAME ZIP CODE of 27603, however you may set any other parameters you wish in the search. These two homes must not be listed as CONTINGENT. Make sure you do not use rental property because you are buying a home. Fill in the table below with the information about the two homes you choose. Address of House #1 15-Year Fixed 30-Year Fixed List price of Home Down Payment Amount (20% of list) Square Footage List Price of Home Price per Sq. Foot Bedrooms Bathrooms Amount Borrowed (Price of Home - Down Payment Amount) Address Features Interest Rate (based on excellent credit) Monthly Payment for Principal and Interest Total Paid Back to Bank (principal + interest) Estimated Annual Property Tax Amount (from Realtor.com) Estimated Annual Insurance (from Realtor.com) TOTAL MONTHLY PAYMENT Address of House #2 15-Year Fixed 30-Year Fixed List price of Home Down Payment Amount (20% of list) Amount Borrowed (Price of Home - Down Payment Amount) Interest Rate (based on excellent credit) Monthly Payment for Principal and Interest Total Paid Back to Bank (principal + interest) Estimated Annual Property Tax Amount (from Realtor.com) Estimated Annual Insurance (from Realtor.com) TOTAL MONTHLY PAYMENT Step 4: Calculate your closing costs Using the following information, calculate the amount of money you would need to bring to closing for both of your houses chosen. House # 1 House #2 Estimated Closing Costs - 3% of sales price - Attorney-$450 Title- $390