ࡱ> fjexo bjbj *X֘zf֘zf  55555III8\I%:D4x$$$$$$$$&)x$5$55$:55$$V"@#`^̵^?# s$$0%K#T&*,&*#&*5#$$%&* : Buying a House Introduction Due to digital learning and potentially not having access to your income research project (yellow sheet), you will be given three gross monthly incomes to buy three different houses based on your qualifying purchase. Each scenario, you will have $0 debt to repay and 0% for a down payment. This is to simulate just graduating college debt free (yay!) but no savings for a down payment. **Before beginning, copy this document into your Google drive and add your teacher as a collaborator (just like your credit card project).** Part I: Pre-qualification Use the HYPERLINK "https://www.guildmortgage.com/get-started/home-loan-guide/pre-qualification-calculator/"Pre-qualification Calculator web site and determine the price of a home that you can afford for each of the three jobs with the gross monthly incomes given. Choose the state based on where you wish to live after obtaining your first full-time job. You will calculate a 15 and 30-year mortgage for each (you will decide which mortgage length you want to accept for each job). Do not change any values in the pre-filled boxes. Job #1Job #2Job #3Gross Monthly Income$2,491$4,386$12,560Total Debt Payment$0$0$0$0$0$0Interest Rate %3.06%3.75%3.06%3.75%3.06%3.75%Terms (years)15 3015301530Down Payment0%0%0%0%0%0%StateQualifying Purchase Price Part II: Shop for a House Use  HYPERLINK "https://www.zillow.com/" Zillow to search for three homes using the three pre-qualification purchase prices you calculated. Make sure you do not use rental property because you are buying a home. Fill in the table. Process: Choose a city to live in and click search. Under Listing Type, click only For Sale: by agent, by owner, and new construction. Under Any Price, put $0 as minimum and qualifying purchase price from table above as maximum. You cannot purchase a home that is more expensive than your qualifying purchase price! Under Beds, choose 1+ Under Home Type, click only houses. House #1 Afforded with Job #1House #2 Afforded with Job #2House #3 Afforded with Job #3Qualifying Purchase Price (Choose one price per job from the table above, either the 15 or 30 year mortgage)Total Price of Home found on Zillow (must be under Qualifying Purchase Price amount)URL link to exact home for saleCity & StateSquare Footage# of Bedrooms# of BathroomsYear BuiltNow you will calculate your  HYPERLINK "https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx" mortgage payment for each home using the previous link, the price of each home, the length of the mortgage you chose based on your qualifying purchase price (15 or 30 years), down payment of $0, and the annual interest rate from the table aboveMonthly Mortgage PaymentMonthly Mortgage Payment divided by Monthly Gross Income = ___% % % %On mortgage calculator click Amortization schedule Scroll all the way to the bottom of your table. What is the total in principle + interest you will pay for the house over the length of the mortgage? Hint: the total will be as of 2035 for 15 year and as of 2050 for a 30 year mortgage. Questions: Which house and mortgage best fit your needs AND your budget (<30% Gross Monthly Income)? Do you need to make any adjustments to your home purchase to fit your budget? What sacrifices might you need to make? If you were to buy one of these houses, what changes would you make to the type of mortgage, length of mortgage, interest rate, and down payment? (Give your reasoning/WHY behind your changes) Although you end up paying a lot in interest, how is paying interest on your mortgage different/better than paying off debt on a credit card?     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