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Step 1: Finding Your Dream Home - First, find your dream home. You arewelcome to use any site that does not require registration. Realtor.com is
Step 1: Finding Your Dream Home - First, find your dream home. You arewelcome to use any site that does not require registration. Realtor.com is agood placet begin. - Next, shop for a mortgage. Please use this website: Bank Rate Mortgage - Use Excel to create a mortgage payoff table using the information you find. Step 2: Making Financial Decisions In a separate Word Document, answer the following questions: - What is your dream home? Place a link to the page with your home listing. - What type of mortgage did you choose? - Why did you choose that length of mortgage/points/ixed or variable rate? - How much did you choose to finance compared to paying upfront on a down payment? Step 3: Impact of Credit Scores - On the Bank Rate website, change your credit score from whatever you set it at initially to the 620639 range. - Copy your original Excel spreadsheet into a new tab and change the interest rate to the one with a low creditscore. - How much more in interest would you pay over the life of the loan? - Do you think the higher interest rate is justified? Why or why not
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