Go through all homebuying steps to familiarize yourself with the process. Please report your findings.
Report to be printed on 12 points fond and double spaced. No more than 5 pages. Prepare a 5 minutes presentation of your findings to be presented in class.
You may work individually or as part of a team.
- Decide on the type of property that you’d like to purchase. I.E. Single family home, double family, three family residential or commercial.
- Research the following:
- Property, area and market.
- Average home prices
- Demographics of the area (income, professional background etc.)
- Proximity to public transportation.
- Financials
- Research the loan type and borrowing costs, including down payment requirements.
- Calculate with the bank and independently the monthly mortgage payment and build the loan amortization schedule.
- Work with a bank to obtain a Good Faith Estimate (GFE).
- Determine closing costs, including your own attorney’s fees.
- Research tax obligations and utilities costs.
- Research Insurance Quotes.
- Research all closing costs.
- (Extra Credit) Research applicable guidelines and applicable penalties for various scenarios (20% down payment vs. 10% or 5% down payment.)
