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Chapter 22 Buying a Home. Why Buy a Home? The Home-Buying Process. Lesson 22.1 Why Buy a Home?. Discuss the financial and quality-of-life advantages of home ownership. Describe the costs and responsibilities that accompany home ownership. Advantages of Home Ownership. Equity increases

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chapter 22 buying a home
Chapter 22Buying a Home
  • Why Buy a Home?
  • The Home-Buying Process

© South-Western Educational Publishing

lesson 22 1 why buy a home

Lesson 22.1Why Buy a Home?

Discuss the financial and quality-of-life advantages of home ownership.

Describe the costs and responsibilities that accompany home ownership.

© South-Western Educational Publishing

advantages of home ownership
Advantages of Home Ownership
  • Equity increases
    • Market value
    • Equity
  • Tax savings
  • Quality-of-life advantages

© South-Western Educational Publishing

costs and responsibilities of home ownership
Costs and Responsibilities of Home Ownership
  • Down payment
  • Mortgage
  • Closing
  • Property taxes
  • Insurance
  • Utilities
  • Maintenance and repairs

© South-Western Educational Publishing

lesson 22 2 the home buying process

Lesson 22.2The Home-Buying Process

Describe the steps in the home-buying process, from selecting a home to buy through taking possession of it.

Discuss how to obtain financing and the events that occur at closing.

© South-Western Educational Publishing

finding and selecting a home
Finding and Selecting a Home
  • Working with a real estate agent
    • Multiple Listing Service (MLS)
  • Making an offer
    • Offer
    • Earnest money
    • Contingency
    • Acceptance
    • Counteroffer

© South-Western Educational Publishing

obtaining financing
Obtaining Financing
  • Down payment sources
  • Qualifying for a mortgage
  • Types of mortgages
    • Fixed-rate mortgage
    • Adjustable-rate mortgage

© South-Western Educational Publishing

taking title to property
Taking Title to Property
  • Title
  • Deed
  • Lien

© South-Western Educational Publishing