- Use websites like Zillow.com or Realtor.com to find a house/condo/townhome in your area that you would want to purchase. Provide a screenshot of the house, price, and description in your journal and link to the specific home in case further information needs to be extracted.
- Your instructor will act as your bank lender and will provide you with the specifics of the mortgage that you will acquire:
- Down payment required
- Number of points at closing
- Time frame for loan
- Interest rate
- Annual insurance amount
- Annual property taxes amount
- Complete the Mortgage Journal TemplateLinks to an external site. that will require you to compute calculations needed for the mortgage.
Grading
This activity will be graded using the Mortgage Journal Rubric.
Course Outcomes
CO 2: Solve personal finance problems involving percent, interest, and installment buying.
Due Date
By 11:59 p.m. MT on Sunday
Rubric
Mortgage Journal
Mortgage Journal
| Criteria | Ratings | Pts |
|---|
This criterion is linked to a Learning OutcomeScreenshotScreenshot that has a picture of home, total price of house, description, and link to the website that leads to the specific home. | | 4 pts Proficient Student provides a screenshot that has a picture of home, total price of house, description, and link to the website that leads to the specific home. | 3 pts Above Average Student provides a screenshot that has a picture of home, total price of house, and description. | 2 pts Average Student provides a screenshot that has a picture of home and total price of house. | 1 pts Needs Improvement Student provides a screenshot that has a picture of home. | 0 pts No Effort No screenshot has been provided. |
| 4 pts
|
This criterion is linked to a Learning OutcomeMortgage CardProvides Mortgage Card given by the instructor in the journal. | | 2 pts Proficient Student provides ALL values of the Mortgage card. | 1.5 pts Above Average Student provides more than half of the values of the mortgage card. | 1 pts Average Student provides half of the values of the mortgage card. | 0.5 pts Needs Improvement Student provides less than half of the values of the mortgage card. | 0 pts No Effort No data was provided. |
| 2 pts
|
This criterion is linked to a Learning OutcomeCalculationsCompletes Calculations Section of the Journal. | | 20 pts Proficient All calculations were done correctly and all work was shown. | 15 pts Above Average All calculations were done correctly but some or no work was shown. | 10 pts Average Some calculations were done incorrectly and all work was shown. | 1 pts Needs Improvement Some calculations were done incorrectly but some or no work was shown. | 0 pts No Effort The majority of the calculations were not completed. |
| 20 pts
|
This criterion is linked to a Learning OutcomeAmortization CalculationsLoan amortization schedule preliminary calculations. | | 4 pts Proficient All information was listed and calculations were completed correctly. | 3 pts Above Average All information was listed but some of the calculations were done incorrectly. | 2 pts Average Some information is listed and some calculations are completed correctly. | 1 pts Needs Improvement Values are listed and calculations are given but it is NOT based on the assigned Mortgage Card. | 0 pts No Effort No information or calculations were listed. |
| 4 pts
|
This criterion is linked to a Learning OutcomeAmortization ScheduleAmortization Schedule | | 20 pts Proficient Student completed the Loan Amortization correctly and work is shown. | 15 pts Above Average Student completed the Loan Amortization table based on the correct values but it is incorrect OR correctly but no work is shown. | 10 pts Average Student completed the Loan Amortization schedule correctly but not based on the correct values and work is shown. | 5 pts Needs Improvement Student completed the Loan Amortization schedule incorrectly based on incorrect vales OR no work is shown. | 0 pts No Effort The student did not complete the Loan Amortization table. |
| 20 pts
|
This criterion is linked to a Learning OutcomeConclusion QuestionsConclusion Questions | | 15 pts Proficient Student answered both conclusion questions correctly. Presents information using clear and concise language in an organized manner (minimal errors in English grammar, spelling, syntax, and punctuation) | 12 pts Above Average Student answered both conclusion questions correctly. Presents information in an organized manner (few errors in English grammar, spelling, syntax, and punctuation). | 10 pts Average Student answered one question incorrectly. Presents information using clear and concise language in an organized manner (minimal errors in English grammar, spelling, syntax, and punctuation) | 7 pts Needs Improvement Majority of the analysis is missing. | 0 pts No Effort No Problem Anaylsis is provided. |
| 15 pts
|
Total Points: 65 |