Economics: Purchasing a Home
What do you need to purchase a home? What is the difference between APR and APY? How much does a home loan really cost? These websites have information on the process of buying a house and tools to help you make educated decisions along the way. There are lesson activities, guides, and calculators to get you started. Compare property prices and loan rates, calculate long-term interest and points, learn real estate terminology, and more.
Grades
- 10,
- 11,
- 12
Links
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How Mortgages Work
This multi-section article explains how mortgages work, from qualifying for a loan to foreclosure. Different types of mortgages are explained, along with percentage rates, the history of mortgages, ways to save money on a mortgage, and more. NOTE: This site contains ads.
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Find Houses
Use this site to find and compare houses for sale in your area. See a map of the properties, asking price, and assessed value. Most properties have photos included. NOTE: This site contains sponsored links and ads.
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Choose the Right Type of Mortgage
There is more than one type of mortgage. Which one will be the best for you? Here are basic explanations of the most common mortgage types.
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The Basics of Buying a House
Is it better to buy a house or rent? This site covers the basics of finding and buying a home. NOTE: This site contains ads.
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Real Estate Glossary
Here is a glossary of terms you may encounter when discussing real estate.
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What is APR?
Here is an explanation of annual percentage rate and how to calculate APR. NOTE: This site contains ads.
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APR Calculator
Enter loan information into the calculator to see the true cost of a loan as either a graph or data table. Using this tool will make loan comparisons easier. NOTE: This site contains sponsored links and a pop-up.
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Mortgage Calculators
This calculator helps determine what annual income is required for a given mortgage amount at a given interest rate. Additional calculators help determine monthly housing costs and liability.
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The Early 1980s: A Tough Time
Students can investigate the relationship between interest rates and housing costs with this lesson. Students can learn about interest rates, mortgage costs, and Federal monetary policy through these activities.
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The Economics of Homebuying
This lesson can provide students with an overview of the steps to buying a home for the first time.
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Show Me the Money!
Students can learn about the hidden costs of large loans, such as car loans or home mortgages, then calculate costs and savings, and evaluate economic decisions in this lesson plan.
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The Economics of Interest Rates
This lesson explores the relationship between interest rates and economic activity. Through these activities, students can gain an understanding of interest to assist them when making spending or savings decisions.
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Amortization Calculator
This calculator will produce an amortization table showing the breakdown of each payment over the life of the loan. NOTE: This site contains ads.
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Looking for the Best Mortgage
This site is a guide to shopping for the best mortgage. Includes a glossary of terms and a worksheet, and is also available in Spanish.
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Understanding the Process
This site explains the relationship between home buyers and mortgage lenders. Read to learn about consumers' legal rights to fair lending.
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Adjustable Rate Mortgages
What is an adjustable-rate mortgage and how is it different from a fixed-rate mortgage? This site explains what these terms mean and what home buyers need to know about them. Included is a mortgage shopping worksheet to help make comparisons. This information is also available as a printable PDF.
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Compound Interest Calculator
Enter your loan amount, interest rate, and loan period to see your totals. NOTE: This site has sponsored links and ads.
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HUD: Buying a Home
This site covers nine steps to home ownership, including figuring out how much you can afford, knowing your legal rights, how to get a home inspected, and how to shop for insurance. Worksheets and checklists are included to help with the process.
