2. 1.How do people finance the purchase
of a home in your country?
3. Most people finance the purchase of a
home in my country with a mortgage.
This is a loan specifically for buying
property, where that property is used by
the lender to guarantee payment. If a
borrower is unable to pay back the loan
the lender will foreclose on them and
take possession of the property.
5. Some costs associated with getting a home loan
are the interest rate that must be paid as well as
mortgage insurance and points, an upfront
payment which may be used to get a better
interest rate on a home loan.
13. Suggested answer 8
A: So what are my options for a 15-year fixed rate mortgage loan?
B: I have two for you. The main advantage of the first is its low rate -4.65%
A: Wow! That sounds great.
B: The rate is very low, but the downside is that it requires a 20% down
payment.
A: Ouch. That’s a bit steep. I don’t think I can afford that much.
B: You can still get the loan, but we’ll add on four points.