Lesson 3: Mortgage 101
August 28, 2016
Mon, Aug 29
Review:
- How to Buy Real Estate
Presentation:
- Selected Homes for Sales in Pueblo
- Mortgage 101 – video series at realtor.com
- Mortgage Types
- Fixed vs ARM
- 10, 15, 20, 30 – which amortization?
- 1, 3, 5, 7, 10 – which initial time period?
Activity:
- Calculate monthly mortgage payments for your selected Pueblo County property
- Assume 20% down payment
- Use current mortgage rates published by Freddie Mac
- Calculate payments for 3 loan types
- 30-year fixed
- 15-year fixed
- 5/1 ARM
Assignment:
- What do you think your selected property is worth?
- Is the asking price fair?