suits your needs and budget.
Choose housing that meets your
needs.Decide whether to rent or buy housing.
Calculate the costs of buying a home.
Get the most out of your mortgage.
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Презентация на тему The Home and Automobile Decision
Содержание
- 2. Learning ObjectivesMake good buying decisions.Choose a vehicle
- 3. Smart BuyingStep 1: Differentiate Want From Need
- 4. Smart BuyingStep 2: Do Your Homework After
- 5. Smart BuyingStep 3: Make Your PurchaseGetting the
- 6. Smart BuyingStep 4: Maintain Your Purchase Maintain
- 7. Smart BuyingChecklist 8.1 Before You Buy Decide
- 8. Smart BuyingChecklist 8.2 Making a Complaint Keep
- 9. Smart Buying in Action: Buying a VehicleVehicles
- 10. Smart Buying in Action: Buying a VehicleStep
- 11. Smart Buying in Action: Buying a VehicleStep
- 12. Smart Buying in Action: Buying a VehicleStep
- 13. Smart Buying in Action: Buying a VehicleStep
- 14. Smart Buying in Action: Buying a VehicleStep
- 15. Smart Buying in Action: Buying a VehicleStep
- 16. Smart Buying in Action: HousingMany people equate
- 17. Your Housing OptionsA House:Popular choice for most
- 18. Your Housing OptionsA Cooperative (Co-op) is a
- 19. Your Housing OptionsA Condominium (Condo) is an
- 20. Your Housing OptionsApartments and other rental housing
- 21. Smart Buying in Action: HousingStep 1: Differentiate
- 22. Smart Buying in Action: HousingStep 2: Do
- 23. Smart Buying in Action: HousingOne-time CostsDown payment
- 24. Renting Versus BuyingBuying Many up-front and one-time
- 25. Determining What You Can AffordBefore house hunting,
- 26. What is the Maximum Amount the Bank
- 27. How Much Should You Borrow?A mortgage is
- 28. Financing the Purchase: The MortgageSources of mortgages:S&Ls
- 29. Conventional and Government-Backed MortgagesConventional loans - from
- 30. Conventional and Government-Backed MortgagesGovernment-backed loans – lender
- 31. Fixed-Rate MortgagesMonthly payment doesn’t change regardless of
- 32. Adjustable-Rate MortgagesWith an ARM, the interest rate
- 33. Adjustable-Rate MortgagesInterest Rate Index – rates on
- 34. Adjustable-Rate MortgagesPayment Cap – sets dollar limit
- 35. Adjustable-Rate MortgagesARM Innovations:Convertible ARM – convert traditional
- 36. Other Mortgage Loan OptionsBalloon Payment Loan –
- 37. Other Mortgage Loan OptionsShared Appreciation Mortgage –
- 38. Скачать презентацию
- 39. Похожие презентации
Learning ObjectivesMake good buying decisions.Choose a vehicle that suits your needs and budget.Choose housing that meets your needs.Decide whether to rent or buy housing.Calculate the costs of buying a home.Get the most out of your mortgage.
Слайд 2
Learning Objectives
Make good buying decisions.
Choose a vehicle that
suits your needs and budget.
needs.Decide whether to rent or buy housing.
Calculate the costs of buying a home.
Get the most out of your mortgage.
Слайд 3
Smart Buying
Step 1: Differentiate Want From Need
Smart
buying requires separating wants from needs.
“Want” purchases require
a trade-off. Before buying a “want,” determine whether the purchase will interfere with your ability to pay for your future needs.
Слайд 4
Smart Buying
Step 2: Do Your Homework
After deciding
to make a purchase, comparison shop.
Start your research
with publications that provide unbiased ratings and recommendations such as:Consumer Reports at www.consumerreports.org
Consumer’s Resource Handbook from the U.S. Office of Consumer Affairs at www.pueblo.gsa.gov
Слайд 5
Smart Buying
Step 3: Make Your Purchase
Getting the best
price might involve negotiations.
Conduct research before haggling.
Know what the
product’s mark-up is.This is the price dealers add on above what they paid for the product.
Consider what fits your monthly budget.
Слайд 6
Smart Buying
Step 4: Maintain Your Purchase
Maintain your
purchase after the deal is complete.
Resolve complaints or issues.
First
contact the seller, then the company headquarters that made or sold the product.Work with the Better Business Bureau and other local, state, and federal organizations.
Слайд 7
Smart Buying
Checklist 8.1 Before You Buy
Decide in
advance what you need and can afford.
Take advantage of
sales but compare prices.Be aware of extra charges that increase the total price.
Ask about refund or exchange policy.
Read and understand the contract before signing.
Learn about your cancellation rights.
Don’t succumb to high pressure tactics or do business over the phone with unknown companies.
Get everything in writing.
Слайд 8
Smart Buying
Checklist 8.2 Making a Complaint
Keep a
record of your efforts to resolve the problem.
Contact the
seller, then go to the manufacturer.Type letters, keep copies, and send letters with return receipt requested.
Allow time for the company to resolve the problem, then file a complaint with your local consumer protection office or Better Business Bureau.
Don’t give up until you are satisfied.
Слайд 9
Smart Buying in Action:
Buying a Vehicle
Vehicles are your
largest purchase, next to buying a house.
Choices to consider:
Buy new
Buy used
Lease the vehicle
Leasing is renting for an extended period with a small down payment and low monthly rates.
Слайд 10
Smart Buying in Action:
Buying a Vehicle
Step 1: Differentiate
Want From Need
Determine which features you need.
Make a
list of the features you want.Consider your employment, family, lifestyle.
Слайд 11
Smart Buying in Action:
Buying a Vehicle
Step 2: Do
Your Homework
How much can you afford?
Typical family spends 4-6
months of annual income on a new car. Determine size of down payment.
Determine an affordable monthly payment.
Which vehicle is right for you?
Comparison shop, looking at choices and trade-offs.
Consider operating and insurance costs, and warranty.
Слайд 12
Smart Buying in Action:
Buying a Vehicle
Step 3: Make
Your Purchase
Be sure to get a fair price.
Know the
dealer cost or invoice price. Research using Edmund’s Car Buying Guide at www.edmund.com at www.edmund.com or AutoSite at their web site www.autosite.com/content/home.
Most car dealers receive a “holdback,” amounting to 2-3% of the price, when selling a car.
Слайд 13
Smart Buying in Action:
Buying a Vehicle
Step 3: Make
Your Purchase
Financing Alternatives:
Cheapest way to buy a car is
with cash, but investigate all financing options before buying.Keep financing out of the negotiations.
The shorter the term, the higher the monthly payments.
Слайд 14
Smart Buying in Action:
Buying a Vehicle
Step 3: Make
Your Purchase
Leasing:
Appeals to those who are financially stable, like
a new car every few years, drive less than 15,000 miles annually, and don’t want hassle of trading in car.Popular with those with good credit but not enough up-front money to buy.
1/3 of all new vehicles are leased.
Слайд 15
Smart Buying in Action:
Buying a Vehicle
Step 4: Maintain
Your Purchase
Keep vehicle in best running condition.
Read owner’s manual
and follow regular maintenance. Don’t ignore signs of trouble.
Listen for unusual sounds, drips, or warning lights.
Your first line of protection is the warranty.
Know your rights under the Lemon laws.
Слайд 16
Smart Buying in Action: Housing
Many people equate home
ownership with financial success.
Housing costs can take up
over 25% of after-tax income. Home ownership is also an investment – likely the biggest investment you will ever make.
Consider lifestyle, wants and needs, and budget constraints when making choices.
Слайд 17
Your Housing Options
A House:
Popular choice for most individuals.
Offers
space and privacy.
Offers greater control over style decoration and
home improvement.Requires more work than the other choices, including maintenance, repair, and renovations.
Most potential for capital appreciation.
Слайд 18
Your Housing Options
A Cooperative (Co-op) is a building
owned by a corporation in which residents are stockholders.
Residents
buy stock, giving them the right to occupy a unit in the building. The larger the space and the more desirable the location, the more shares you have to buy.
Difficult to get a mortgage.
Pay monthly homeowner’s fee for taxes and maintenance.
Слайд 19
Your Housing Options
A Condominium (Condo) is an apartment
complex that allows individual ownership of the unit and
joint ownership of land, common areas, and facilities.Allows direct ownership of the unit with a proportionate ownership in land and common areas.
Pay monthly fee for interest, taxes, utilities, and groundskeeping.
Слайд 20
Your Housing Options
Apartments and other rental housing offer:
Affordability
Low
maintenance situations
Little financial commitment
Chosen by young, single people.
May
be a lifestyle decision. Limited upkeep and no long-term commitment.
Offers lack of choice regarding pets or remodeling.
Слайд 21
Smart Buying in Action: Housing
Step 1: Differentiate Want
From Need
Determine what you need versus what you want.
Decide
what is important to you:Consider location – country, suburbs, or city
Consider the neighborhood – safety, convenience, schools
Слайд 22
Smart Buying in Action: Housing
Step 2: Do Your
Homework
Investigate the potential home and all that goes along
with it:Neighborhood, community lifestyle, satisfy needs.
www.homes.com/Content/NeighborhoodSearchMain.cfm
www.homefair.com
Understand how much you can afford to pay.
Слайд 23
Smart Buying in Action: Housing
One-time Costs
Down payment
Closing/settlement
costs
Points
Loan origination fee
Application fee
Appraisal fee
Title search
Recurring Costs
Mortgage payments
PITI includes principal, interest, taxes, insurance
Maintenance and Operating Costs
Repairs and maintenance items
Слайд 24
Renting Versus Buying
Buying
Many up-front and
one-time costs
Beneficial for
those who itemize their deductions
Mortgage payments
are a form of
forced savingsRenting
No large up-front costs other than a security deposit
Beneficial if staying only for the short-term
Слайд 25
Determining What You
Can Afford
Before house hunting, ask yourself:
What
is the maximum amount the bank will lend me?
Should
I borrow up to this maximum?How big a down payment can I afford?
Слайд 26 What is the Maximum Amount the Bank Will
Lend Me?
Lenders look at:
Your financial history –
steadiness of income, credit report, and FICO scoreYour ability to pay – lenders use ratio of a maximum 28% PITI: monthly gross income
Appraised value of home – limit mortgage loan to 80%.
Слайд 27
How Much Should You Borrow?
A mortgage is a
large financial commitment of future earnings.
Look at your
overall financial plan before deciding on how much to borrow.Prequalifying – lender confirms the loan size based on ability to pay and down payment.
Слайд 28
Financing the Purchase:
The Mortgage
Sources of mortgages:
S&Ls and commercial
banks are the primary sources of mortgage loans.
Mortgage bankers
originate loans, sell them to banks or pension funds, have fixed rate mortgages.Mortgage brokers are middlemen who place loans with lenders for a fee but do not originate those loans. They do the comparison shopping.
Слайд 29
Conventional and Government-Backed Mortgages
Conventional loans - from a
bank or S&L and secured by the property.
If
default - lender seizes property, sells it to recover funds owed.
Слайд 30
Conventional and Government-Backed Mortgages
Government-backed loans – lender makes
loan and government insures it. VA and FHA account
for 25% of all mortgage loans.Advantages:
Lower interest rate
Smaller down payment
Less strict financial requirements
Disadvantages:
Increased paperwork
Higher closing costs
Limits amount borrowed
Слайд 31
Fixed-Rate Mortgages
Monthly payment doesn’t change regardless of changes
in market interest rates.
If rates are low, a
fixed rate mortgage locks in the low rates for the life of the loan.An assumable loan can be transferred to a new buyer.
Prepayment privilege allows early cash payments to be applied to principal.
Слайд 32
Adjustable-Rate Mortgages
With an ARM, the interest rate fluctuates
based on current market interest rates within limits at
specified intervals.Borrowers are better off with an ARM if interest rates drop.
Initial Rate - “teaser rate” can be deceptively low and available for only a short time period.
Слайд 33
Adjustable-Rate Mortgages
Interest Rate Index – rates on ARMs
are tied to an index not controlled by the
lender, such as 6- or 12-month U.S. Treasuries.Margin – the amount over the index rate that the ARM is set.
Adjustment Interval – how frequently the rate can be reset.
Слайд 34
Adjustable-Rate Mortgages
Payment Cap – sets dollar limit on
how much the monthly payment can increase during any
adjustment period.If interest rates go up, the monthly payment may be too small to cover the interest due.
This results in negative amortization. The unpaid interest is added to the unpaid loan balance, increasing its size.
Слайд 35
Adjustable-Rate Mortgages
ARM Innovations:
Convertible ARM – convert traditional ARM
to a fixed rate loan during 2nd – 5th
years.Reduction-option ARM – one-time optional interest rate adjustment to market interest during 2nd – 6th years.
Two-step ARM – interest rate is adjusted at end of 7th year, then constant for life.
Price level adjusted mortgage – low initial rate, payments and interest change with inflation.
Слайд 36
Other Mortgage Loan Options
Balloon Payment Loan – small
monthly payments for 5-7 years, then entire loan due.
Graduated
Payment Mortgage – payments set in advance, rising for 5-10 years, then level off. Growing Equity Mortgage – designed to let homebuyer pay off mortgage early.
Слайд 37
Other Mortgage Loan Options
Shared Appreciation Mortgage – borrower
receives below-market interest rate and lender receives a portion
of future appreciation.Interest Only Mortgage – combination of interest only payment at beginning, then pay both interest and principal for remainder of loan.
