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Mortgage Loans

SECTION. 10-1. pp. 344-345. Mortgage Loans. Compute: mortgage loan amount. Section Objective. Key Words to Know. mortgage loan (p. 344) A property loan that gives the lender the right to seize and sell the property if the borrower fails to make the payments on the loan. Formula.

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Mortgage Loans

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  1. SECTION 10-1 pp. 344-345 Mortgage Loans

  2. Compute: • mortgage loan amount Section Objective

  3. Key Words to Know mortgage loan (p. 344) A property loan that gives the lender the right to seize and sell the property if the borrower fails to make the payments on the loan.

  4. Formula Mortgage Loan= Selling – Down Amount Price Payment

  5. The Hunt to Find a Home p. 344 Why do you think a majority of homeowners take out 15- to 30-year mortgages as opposed to a 5-year mortgage?

  6. Example 1 Jessica and Kirk Cramer consider purchasing a new home for $140,000. A 15 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

  7. Example 1 Answer: Step 1 Find the down payment. $140,000 ×15% = $21,000

  8. Example 1 Answer: Step 2 Find the mortgage loan amount. Selling Price – Down Payment $140,000 – $21,000 = $119,000

  9. Practice 1 Santos and Anna Rivera made an offer of $158,000 on a home that was priced at $164,000. Their offer was accepted. They made a down payment of 25 percent and financed the remaining amount. What is the amount of the mortgage?

  10. Practice 1 Answer $118,500

  11. Practice 2 Mary Schoen is buying a house that costs $179,000. She made a 25 percent down payment. What is the amount of the mortgage loan needed to finance the purchase?

  12. Practice 2 Answer $134,250

  13. END OF SECTION 10-1 Mortgage Loans

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