Mortgage Basics by Bryan Churchey

Mortgage Basics by Bryan Churchey https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9 Watch this video and then answer the questions below. Why do most people need a mortgage to buy a home? Explain how Joe has a $175,000 mortgage on a home that is selling for $200,000. Explain why Joe’s home actually costs $360,000. List 3 ways you could DECREASE the total amount of money you pay for your mortgage. https://www.youtube.com/watch?v=OQUsywA0n9o&disable_polymer=true en-us 2019-03-06 16:34:11 UTC 2026-02-19 22:45:27 UTC hello@padlet.com https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480407

]]> 2019-03-06 16:51:23 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480407 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480440 joshua]]> 2019-03-06 16:51:26 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480440 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480516 Taylor McKinney 1. People need a mortgage to buy a home because it helps them purchase and finance the expense that comes with the house over time. 2. Joe is paying $175,000 for a $200,000 home because he put $25,000 down which makes him owe $175,000 over time. 3. Joe's home actually costs $360,000 because of the interest added into the situation. 4. Three ways you could decrease the total amount of money you pay for your mortgage is by extending your payment term, make a larger down payment, and to refinance your mortgage. ]]> 2019-03-06 16:51:33 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480516 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480613 Ryan Poston]]> 2019-03-06 16:51:42 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480613 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480902 Aidan Moffa]]> 2019-03-06 16:52:11 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480902 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480911 Matt Holmes 1.Most people don't have enough money to pay for the home 2.Because he had a down payment of $25,000 3.Because of interest on the loan. 4. Paying off the loan quicker, making more payments, paying a larger down payment.]]> 2019-03-06 16:52:12 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480911 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480928 aidan moffa

]]> 2019-03-06 16:52:14 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480928 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480974 aidan moffa

]]> 2019-03-06 16:52:18 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338480974 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481008 aidan moffa

]]> 2019-03-06 16:52:21 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481008 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481231 moffa aidan

]]> 2019-03-06 16:52:38 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481231 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481429 affom nadia

]]> 2019-03-06 16:52:49 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481429 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481492 Gabby Marinacci: 1)Most people need a mortgage because they don't have the capital to pay for the house in full on their own. 2) Joe has a $175,000 mortgage because he already put $25,000 down. 3) Joe's home actually cost $360,000 due to the interest that builds up as he pays off the mortgage overtime. 4) One thing you could do is pay off the mortgage as quick as possible so the interest doesn't build up. Another thing you could do is look for a house that you do not need to borrow as much money with. Another thing you could do is pay more every month so you are paying the mortgage off in less months. Lastly, you could apply for a lower interest.]]> 2019-03-06 16:52:55 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481492 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481518 Ryan Poston-]]> 2019-03-06 16:52:57 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481518 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481623 aidan mofffffffaaaa

]]> 2019-03-06 16:53:06 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481623 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481848 midan aoffa

]]> 2019-03-06 16:53:27 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338481848 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338482340 Aidan Moffa Most people need a mortgage because they dont have enough money to buy the home at the time. He put down a down payment of $25,000.
He has the regular $175,000 plus the interest payment from the mortgage, which adds up to $360,000. Have better credit score for lower interest, put down a bigger down payment, making payments on time.]]> 2019-03-06 16:54:12 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338482340 ks838 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338482456 Kayla Smith - 1) most people need a mortgage because not everyone has enough cash to buy the house in full 2) Joe has a $175,000 mortgage on a home that is selling for $200,000 because he is putting down $25,000 which will lower the amount he pays all together. 3)Joe's home actually costs $360,000 because of the interest that comes with the mortgage and the amount of time needed to pay off the mortgage also plays a role. 4) - If you have a higher credit score your interest could be lower - Putting down more money for the down payment - If you start to pay off your mortgage faster the less money you will pay in interest]]> 2019-03-06 16:54:22 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338482456 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338483124 bailey kolb -1) people need a mortgage because they dont have enough money to pay it in full. 2) His mortgage is $175,000 because he is taking away his own down payment from the selling price. 3) The mortgage and interest combined plus years that hes had the home is $360,000 so its the overall price. 4) bigger down payment, pay interest right away or even before due date, buy down your rate]]> 2019-03-06 16:55:15 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338483124 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338483255 Ryan McShea- 1. They are not able to pay off, for example, $300,000 outright at the time of the deal because they don't have that type of money on hand. 2. He has a mortgage of this amount because he is taking away his down payment from the selling price of this home. 3. The interest and the mortgage added together equals the $360,000 that the home will cost him. 4. He would be able to decrease the amount he pays by making more payments to pay it quicker and could pay more if he is able to when the time to pay comes. He could also apply for a lower interest to have the price decrease. ]]> 2019-03-06 16:55:28 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338483255 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338483917 Josh - 1. They don't have enough money to pay for it right away 2. He chose a 25 year mortgage 3. Its 360,000 because he has to pay interest 4. pay extra, pay it faster, pay it before the due date

]]> 2019-03-06 16:56:28 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338483917 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338484450 Joe thomas

1. Because homes are expensive and most people arent able to pay in full
2. Down payment
3. Over the time it takes to pay off his mortgage he will also be paying interest on the loan
4. Extra payments, pay more than the minimum payment, pay it off faster than the length of mortgage.]]> 2019-03-06 16:57:23 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338484450 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338484847 Emily Boesler - 1. Most people need a mortgage to bu a home because they do not have enough money to buy a house at the time of wanting the house. 2. Joe has put a down payment of $25,000 which is why his mortgage is now $175,000. 3. The home actually costs $360,000 because of interest paid over the years. 4. One way you could decrease the amount of money is paying off his payments faster. Another way is to have a better credit score. Lastly, you could decrease the total amount of money you pay for your mortgage is paying more than the minimum payment.]]> 2019-03-06 16:57:59 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338484847 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485297 Justin Wilson 1-People need a mortgage because they dont have enough money straight up to buy the home. 2-Joe has a a mortgage because he is taking away the down payment. 3-Interest combined with the mortgage equals 360,000. 4-Making more payments,better credit score, and on time]]> 2019-03-06 16:58:44 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485297 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485317 Ryan Poston-1. Most people need a mortgage to buy a home because they do not have enough money in cash and need to pay it off with interest. 2.Joe has a mortgage of this amount because he is taking his down payment away from the selling price of the home 3. The interest and mortgage add up together 4.pay before the due date, make more payments, and paying off the loan as quick as possible

]]> 2019-03-06 16:58:46 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485317 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485415 Mark Beerman - 1. People purchase a mortgage because you have your money invested into a house. 2. Joe has to pay monthly until he reaches the total cost of the house . 3. Joe's home actually costs $360,000 because his mortgage payment increases over time. 4. Buy down your rate, make a bigger down payment, and try to buy more per month to decrease your interest.]]> 2019-03-06 16:58:57 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485415 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485429 lindsay roland- 1. People need a mortgage because not everyone can pay the house in full . 2. He is taking away his down payment from the selling price, 3. the interest and mortgage together is the 360,000 which is how much the house will cost. 4. He could make more payments or pay more if he can, he could apply for a lower interest

]]> 2019-03-06 16:58:58 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485429 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485588 Logan Holloway- 1. Most people need a mortgage to buy a home because not everyone has all the cash in their pocket to pay for it all right then and there. 2. He has a $175,000 mortgage because he is taking away his down payment from selling price of his home. 3. It actually costs because it is the mortgage price and also the interest he will be paying.4. He could decrease the price by applying for a lower interest rate, paying a larger down payment so he will need to pay less in mortgage so he saves money, and finally the faster he pas it, the less amount of interest he would need to pay.

]]> 2019-03-06 16:59:16 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485588 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485738 Nima Patel 1. Most people need to get mortgages to buy a home because they cannot pay up the money up front, houses are more expensive then their salary. 2. Joe has to take a $175,000 mortgage because he can only afford to pay the $25,000 down payment. 3. Joe's home actually costs $360,000 because the interest on the mortgage makes the house more expensive. 4. He can decrease it by paying a bigger down payment therefore he would not have to pay so much interest. He could have a better credit score. Joe can also have less payments and pay more at a time. ]]> 2019-03-06 16:59:31 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338485738 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338486022 Laura Murray- 1)Most people need a mortgage to buy a home because they do not have enough money to be able to fully pay for the house and other things that they need. 2) Joe has a $175,000 mortgage because he put $25,000 down. 3)His home will cost $360,000 because he will have to pay the full price of the home plus interest over the time of his mortgage. 4) You can decrease the total amount of money you pay by paying more each month in a short period of time then paying less each month for a longer period of time, if he has good credit score it will lower the interest rate, and to lower his mortgage he can put more money down so he pays less a month and decreases his amount of interest. ]]> 2019-03-06 16:59:59 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338486022 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338488215 Brandon Baker 1.) Most people don't have enough money to pay for the house straight up so they need to borrow money from the bank 2.)He only has $25,000 dollars down payment and he need to borrow $175,000 from the bank to buy the house 3.)The home actually cost $360,000 due to the interest on the loans 4.)If he pays off the loan in 15 years, Someone helps him pay off the loan, make more payments ]]> 2019-03-06 17:03:24 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338488215 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338488568 Tyler Clifford 1.Most People need a mortgage when buying a house because they do not have enough money to pay for the house upfront, they need time to pay it off. 2. His mortgage is 175,000 because he put down 25,000 already and he still needs to pay the other 175,000. 3. The price Joe actually has to pay is 360,000 because he hast to pay the 175,000 and also additional interest fees for using a 25 year loan. The fixed interest fee is 6%. 4. Joe could decrease the price of the mortgage by putting more money down on the house, by paying of the mortgage faster, and by applying for a lower interest rate.]]> 2019-03-06 17:03:59 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338488568 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338489548 2019-03-06 17:05:38 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338489548 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338490073 1. A mortgage is a loan that usually comes from a bank, usually providing a home buyer with the capital required to become a home owner. 2. He uses 25,000 dollars as a down payment. 3. He pays the 175,000 dollars left on the home plus the 163,000 dollars worth of interest he will also have to pay. 4. You can decrease the cost on the mortgage by making a larger down payment on the home, by making extra payments against the loan to get rid of it in less time, getting a mortgage for a shorter period of time, as well as making larger payments each month, rather than choosing to pay the minimum due to meet the mortgage year requirement. ~Ariel Levin]]> 2019-03-06 17:06:30 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338490073 https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338973840 Emily Yeager: 1. Most people need a mortgage because they do not have enough money to pay for a house in full. The mortgage gives them money to finance the home from money loaned by the bank. 2. This is possible because Joe has already put down $25,000 on the home. His mortgage is the $175,000 that he still needs to pay. 3. The home actually cost $360,000 because Joe has to also pay the interest fee on the mortgage. 4. The amount of money paid for a mortgage could be decreased by putting down a larger down payment, applying for a lower interest rate, and paying the bank more each month so that the mortgage is paid off faster. ]]> 2019-03-07 17:11:24 UTC https://padlet.com/perkiomenvalleyschooldistrict/y816dey4k8y9/wish/338973840