ASALLC Types of Loans Paper

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This a real estate class Please respond to Makayla with 150 words

Course: BRE 100, Real Estate Principle

Today’s Date: 07/04/2022

Textbook Author: Huber, W.

Chapters # 7 – 9

In chapters seven, eight, and nine we learn about property management, escrows and title insurances, and real estate finances. I found chapters 7 and 9 the most useful and interesting since I am currently renting a home and will be looking into buying a home soon. I learned a lot about how to calculate the finances needed for interest rates.

Key Concept from Chapter 7

As a rental tenant I was personally a little familiar with this chapter. Chapter seven focuses on property management, leases, and rental agreements. I learned written rental agreements have become the most commonly used real estate agreements in the United States (page 209). Rent is the amount of money paid for the use of a property (page 220). I also learned security deposits must be returned within 21 calendar days of a tenant vacating the property, minus the amount for damages or unpaid rent (page 221).

Key Concept from Chapter 8

In chapter 8 Escrows and Title Insurance are covered. I learned Northern California and Southern California each have their own Customs for Escrow Services and Title Insurance (page 246). Escrow service fees in SoCal are split 50-50 between the buyer and seller, and escrow service fees are usually paid for by the buyer in Northern California (Page 246). Insurance is extremely important for homeowners. On page 253 the importance of fire insurance is discussed, fire insurance is a must have to insure your home against fire and lightning.
Key Concept from Chapter 9

Chapter 9 covers real estate Finance. There are many different factors to take into account when it comes to financing the purchase of a property. To purchase a property different loans are available depending on what you qualify for. Such as adjustable rate mortgages (page 276), fixed interest rate loans (page 276), bi-weekly mortgages (page 279), 15 year fixed and adjustable-rate loans (page 279), and reverse mortgage loans (page 279). In order to get approved for a loan you must pay a fee. I also learned there is a difference in trust deeds and mortgages. A trust deed is a security device that makes the real property collateral for the promissory note (page 284). A mortgage is a financial instrument in the form of a lien that secures a property for payment of a promissory note. This is not common in California (page 281)

I learned a lot from these three chapters. I found the different types of loans the most interesting. It seems like I’d want to stay away from ARM loans and stick with fixed interest rates, especially since the current interest rates have gone up.

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