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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 l.jpg
Chapter 22Buying a Home

  • Why Buy a Home?

  • The Home-Buying Process

© South-Western Educational Publishing


Lesson 22 1 why buy a home l.jpg

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 l.jpg
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 l.jpg
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 l.jpg

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


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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


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Obtaining Financing

  • Down payment sources

  • Qualifying for a mortgage

  • Types of mortgages

    • Fixed-rate mortgage

    • Adjustable-rate mortgage

© South-Western Educational Publishing


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Taking Title to Property

  • Title

  • Deed

  • Lien

© South-Western Educational Publishing


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