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Project Each student will simulate, through research, the purchasing of a home
Instructions • 100 points • Due Friday, May 23 at the end of period • Poster or powerpoint • Short 1 min presentation • Color, organized, follow instructions • Pay attention to the criteria that each house must meet in order to be purchased
Criteria chart • 300000 to 800000 • In los angeles county • Minimum • House 1800 sq ft • Condominium 1500 sq ft • At least 4 extras • Fireplace, 3 car garage, pool, bbq, hardwood floors etc.
Instructions Use an ONLINE site to find a home to purchase A. Pick one from the Los Angeles area Write a short description of the house a. price b. square feet of the inside (the entire lot if available) c. numbers of rooms, bathrooms d. extras: pool, gated entry, security, etc
Instructions 3. Print a picture or pictures of the home 4. Insurance Every homeowner needs insurance It is required by all lending companies that you must have insurance Use the websites provided to find a home
Instructions 4. Mortgage loan Go to bankrate.com Click on any of the mortgage calulators Find and print the 30 year mortgage interest rate What are your monthly payments? 5. Place all your information and place in one of the following Poster powerpoint
Figuring out the amount I must borrow to purchase my home total price of home -- Down payment = loan amount $100,000 -- $10,000 = $90,000 I must take a loan out for $90,000
Home Loan and Payments • Bankrate.com • 30 year loan/360 months • 6% interest rate (very low rate) • Loan payment starts on July 1, 2014
Websites to find a home • realtor.com • trulia.com/CA/Los_Angeles/ • zillow.com/los-angeles-ca/
Websites to find homeowners insurance • https://www.geico.com/getaquote/homeowners/ • statefarm.com/insurance/quotes/homeowners-quote • www.esurance.com/insurance/homeowners