Overview
Welcome to the Week 3 Activity: The Mortgage Journal. Congratulations!! You are ready to purchase a home You want to find a property online that you would be interested in purchasing and take a screenshot including the: Price of the property. Picture of the property. Details of the property. How many rooms? Bathrooms? Make sure to cite the website, including the link to the property page. For this journal, your instructor is your lender.
Your instructor will provide you the information about the mortgage including: Down payment required- It will be a percentage of the sale price. Number of points that need to be paid at closing period for loan. Interest rate, Homeowner's insurance for the year. Property taxes for the year. Make sure to download the Module 3 Activity:
Mortgage Journal Template and complete all portions of the template. Make sure to review the rubric for the journal before you submit your work.
- 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 slecific 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 Template LEthat will require you to compute calculations needed for the mortgage.
Also you need to use the template I give you and I already chose a house that’s in my area on Zillow
3879 Teakwood Ln, Rochester Hills, MI 48309That’s the address and it’s on Zillow just search it and make sure you cite it. I put the template and all the questions you need to answer are in the template below. I also provided you with the rubric. Thankyou