Buying a House: Assignment Details Due Date: 5

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Buying a House: Assignment Details Due Date: 5.05.21 Assignment: Classwork Value: 10pts Do Now: Think you know what you need to buy a home? Take the quiz below to find out your home buying IQ. TRUE or FALSE: Lenders require all buyers to purchase private mortgage insurance (PMI). TRUE or FALSE: Closing costs are negotiable and can vary by bank and lender. TRUE or FALSE: The purpose of an appraisal is to help the buyer determine if the home is in good condition. TRUE or FALSE: Buyers typically have the option whether or not to buy homeowner's insurance. TRUE or FALSE: A buyer has the right to back out of a sales contract if the appraisal comes in lower than purchase price, if the buyer cannot get a mortgage, or if the home doesn't pass inspection. TRUE or FALSE: A home's value typically appreciates at 7 percent per year. TRUE or FALSE: A buyer officially owns the home after the purchase contract is signed. TRUE or FALSE: Your only upfront cost is the down payment. TRUE or FALSE: You can’t qualify for a mortgage if you’re still paying off student loans. TRUE or FALSE: Real Estate agents are expensive. Step 1: Introduction As we view the video, take notes on the sections below. Can you really afford it? ? Is it cheaper to rent than to buy? ? Rent if you are still earning and learning. ? Buy if you’re stable and established. ? Buy if you’re financially successful. ? Step 2: Source Analysis Read and annotate the source below to help summarize the following sections. The true cost of homeownership is Renting might cost less, even over Calculating whether it makes more higher than many anticipate. ? the long term. ? sense to rent or buy is easier than most people realize. ? Step 3: Closing Directions: Respond to the question below using evidence from today’s lesson. Do you think buying or renting is the smarter choice? Explain.