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Homework answers / question archive / Assignment # 3 - Home Financing Project Objective The purpose of this assignment is to familiarize students with the process of budgeting for the purchase and financing of a home, or another significant financed purchase, as well as building awareness of key factors not to be overlooked throughout this process

Assignment # 3 - Home Financing Project Objective The purpose of this assignment is to familiarize students with the process of budgeting for the purchase and financing of a home, or another significant financed purchase, as well as building awareness of key factors not to be overlooked throughout this process

Math

Assignment # 3 - Home Financing Project
Objective
The purpose of this assignment is to familiarize students with the process of budgeting for the purchase and financing of a home, or another significant financed purchase, as well as building awareness of key factors not to be overlooked throughout this process.
Overview
This assignment is comprised of four parts:
1. Selecting a Property Goal: Students must select, and secure a copy of, a current property listing which is representative of a real estate investment goal they may wish to pursue.
2. Budgeting for your Goal: Students must perform several calculations to determine the total transaction costs, including both the down payment and closing costs, that will be required in order to purchase the home they have selected. Variations on these calculations will explore the effects of making financial planning adjustments
3. Evaluating Financing Options: Students must examine the advertised mortgage options available through various financial institutions, considering several financing contract factors, in order to finance the remaining cost of the home. Various financing options will help expose the impacts of different mortgage factors
4. Paying Off the Mortgage: Finally, applying data collected, previous decisions made and incorporating some additional considerations, students must calculate the corresponding monthly mortgage payments by using an online mortgage calculator. Variations on these calculations will explore the effects of making financial planning adjustments.
Please take note of following guidelines for the assignment:
• This is an individual assignment. Assignments submitted which prove not to be unique will be considered in violation of the academic honesty policy
• Provided table templates are required for assignment completion - alternate formats are not accepted
• The entirety of all three tables are to be completed
• All assignment work must be submitted on Blackboard, submission over email are not accepted
• Submission of documents must be made in PDF format. Submitted files which cannot be opened, will not be graded. Please review your submission in the My Grades Blackboard tool.
• Submissions may be either a single comprehensive document, or multiple attachments
• Timely submission and navigating Blackboard is considered part of the assignment
• A grading rubric is included below
Grading Rubric
Assignment Component
Description of Evaluated Criteria
Weight
Step 1
Property Listing
? Listing is provided
? Listing is provided in an appropriate format (no links/URLs)
? Listing is complete
? Listing is legible
1%
Step 2
Down Payment Calculations
? Down payment calculations are provided and correct
? The appropriate minimum legal down payment has been applied
? All down payment options adhere to government regulations according to the price of the home
3%
Mortgage Calculations
? Required mortgage calculations are provided and correct
? Mortgage insurance rates and amounts are provided and correct, where applicable according to government regulations
? Final mortgage required is provided and correct
2.5%
Closing Cost Calculations
? Property taxes/fees and rebates have been provided and are correct
? Closing costs calculation is provided, correct and steps are shown
? Total transaction calculation is provided and correct for all options
3%
Step 3
Mortgage Data
? All six required data points regarding the selected mortgages are provided
? Six options fit the designated option to be explored
? Eight differing mortgages have been explored
? Range of required mortgages adheres to required variation
2.5%
Step 4
Mortgage Payment Calculator Data
? Mortgage and down payment choices have been indicated clearly
? Amortization options have been selected and choices adhere to government regulations
? Mortgage payments, total interest paid, total amount paid to lender and total interest saved have been calculated correctly and completed for all options
3%
TOTAL=
15%

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