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Chapter 22 Buying a Home

Chapter 22 Buying a Home. Why Buy a Home? The Home-Buying Process. Lesson 22.1 Why Buy a Home?. Discuss the financial and quality-of-life advantages of home ownership. Describe the costs and responsibilities that accompany home ownership. Advantages of Home Ownership. Equity increases

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Chapter 22 Buying a Home

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  1. Chapter 22Buying a Home • Why Buy a Home? • The Home-Buying Process © South-Western Educational Publishing

  2. Lesson 22.1Why Buy a Home? Discuss the financial and quality-of-life advantages of home ownership. Describe the costs and responsibilities that accompany home ownership. © South-Western Educational Publishing

  3. Advantages of Home Ownership • Equity increases • Market value • Equity • Tax savings • Quality-of-life advantages © South-Western Educational Publishing

  4. Costs and Responsibilities of Home Ownership • Down payment • Mortgage • Closing • Property taxes • Insurance • Utilities • Maintenance and repairs © South-Western Educational Publishing

  5. Lesson 22.2The Home-Buying Process Describe the steps in the home-buying process, from selecting a home to buy through taking possession of it. Discuss how to obtain financing and the events that occur at closing. © South-Western Educational Publishing

  6. Finding and Selecting a Home • Working with a real estate agent • Multiple Listing Service (MLS) • Making an offer • Offer • Earnest money • Contingency • Acceptance • Counteroffer © South-Western Educational Publishing

  7. Obtaining Financing • Down payment sources • Qualifying for a mortgage • Types of mortgages • Fixed-rate mortgage • Adjustable-rate mortgage © South-Western Educational Publishing

  8. Taking Title to Property • Title • Deed • Lien © South-Western Educational Publishing

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