Beginning of Week 4-
Spoken1 mark= x/10
Final week-Week 9
Spoken2 mark= x/15
Today’s Agenda
·
Attendance
·
Process and vocab around buying a house/condo (condominium),
getting a mortgage
·
Continue compound sentences
Quiz2 soon
·
New dialogue “Looking for an Apartment”
THIS WEEK
·
Teach grabbers- paragraphs
Test2-paragraph coming up
Tuesday
·
Continue vocab around buying a house/condo (condominium),
getting a mortgage
·
Continue compound sentences
Quiz2 Wednesday
Wednesday
·
Quiz2- compound sentences
·
affordable housing – reasonable housing prices
unaffordable housing- unreasonable housing prices, priced
out of the market
Finding a house is a significant process that involves
planning, research, and decision-making. Here's a step-by-step guide to help
you navigate the process:
1. Define Your Needs and Goals
Type of Home: Decide whether you want a single-family house
(a detached house), apartment, townhouse, duplex, or condo.
Location: Consider proximity to work, schools, family,
public transportation, public amenities, or desired neighborhood
characteristics.
Budget: Determine how much you can afford, including down
payment, monthly mortgage payments, taxes, and maintenance costs.
Use online mortgage calculators-
Size and Features: Decide on the number of bedrooms,
bathrooms, and other features like a yard, garage, or office space.
2. Research and Prepare Finances
Credit Score Check: Review your credit report and improve
your score if necessary.
Budgeting: Calculate how much you can afford and save for a
down payment (typically 5-20% of the home's price).
Pre-Approval: Get pre-approved for a mortgage to understand
your borrowing capacity and strengthen your offer when you find a house.
Go to your bank, or you can use a mortgage broker.
3. Hire a Real Estate Agent
Find a trusted real estate agent who knows the local market
and can guide you through the buying process.
-word-of-mouth recommendation- personal recommendation
-choose a well-known agent or agency
Real estate agents can provide insights, arrange property
viewings, and negotiate on your behalf.
4. Search for Homes
Online Listings: Use real estate websites and apps to browse
available properties.
Open Houses: Visit open houses to get a feel for properties
and neighborhoods.
Neighborhood Visits: Explore neighborhoods to identify areas
that appeal to you.
https://www.realtor.ca/mls
House history prices? google address of house
5. Narrow Down Options
Compare properties based on price, location, features, and
condition.
Consider future resale value and potential for renovations.
6. Make an Offer
Work with your real estate agent to make a competitive offer
based on market conditions.
Be prepared to negotiate with the seller on price,
contingencies, and closing terms.
bidding, offer and counteroffer- bargaining
7. Conduct Inspections and Appraisals
Hire a home inspector to assess the property for issues like
structural problems or necessary repairs.
Arrange an appraisal to ensure the property is valued
appropriately for the mortgage lender.
You get what you pay for. Professional work costs money.
8. Finalize Financing
Submit your mortgage application and provide required
documents to secure your loan.
Review the loan terms carefully before committing.
9. Close the Deal
Review all closing documents, including the deed and
mortgage agreement.
Pay closing costs, which typically include legal fees,
taxes, and lender fees, mortgage insurance, house insurance, etc.
Sign the final paperwork and receive the keys to your new
home.
Mortgage-
monthly
weekly
biweekly
You can pay it off more quickly.
prepayment- extra payments
Mortgage stress test- online calculators- Can you afford your
martgage if interest rates go up? Can you afford your martgage if taxes go up?
Vocab about mortgages:
**Vocab from today about mortgages: https://www.englishclub.com/glossaries/mortgage-terms.php#google_vignette
-variable rate/floating rate-
-fixed rate
How much risk and encertainty can you accept?
- amortization - Spanish-
mort- dead – How long until the mortgage is gone?
-empty-home tax
CONTINUE VOCAB TOMORROW
We tease people we like.
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