SNHU Business Question Choosing a mortgage major financial decision
Use what you have learned in this module to choose a mortgage for yourself. You may choose a house for sale online as a hypothetical purchase. Using the selling price of the home, the property taxes, homeowner’s insurance, HOA fees (if applicable), and an understanding of your (real or hypothetical) finances, make an informed decision based upon what you have learned to choose a type of financing.
Be sure to discuss various options and their pros and cons before arriving at a conclusion. Give your reasons for choosing the mortgage type you chose and explain why it suits you better than other options. Figure out your down payment, interest rate, points or bank fees, taxes, insurance reserves, HOA fees and any other costs.
Figure out the total amount that it will cost you to close on the property and take possession (including but not limited to down payment, prepaid taxes, insurance, closing costs, move-in costs, and government or HOA fees). What is your full monthly payment, including principle, interest, taxes, insurance and PMI or HOA fees, if applicable? Does the property require flood insurance? Is it in an earthquake zone? Would you purchase earthquake insurance?
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