Buying and Financing a House
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Assuming the individual is a recent graduate in engineering who will be working in the Philadelphia area, the estimate annual salary is $44,970. According to The State of Working Pennsylvania 2001 (Bradley & Herzenberg, 2001), the median wage equivalent for a male college graduate in 2001 was $21.14 per hour, which was an increase of 2.27 percent from 2000. Assuming a similar increase from 2001 to 2001, the median wage rises to $21.62 per hour. Assuming 40 hours per week and 52 weeks per year paid, the annual salary approximates $44,970 [($21.62 ? 40) ? 52 = $44,969.60].Assuming that the individual has no major outstanding bills with acceptable credit, an accepted rule of thumb is that the individual can qualify for a mortgage approximating 2.5 times annual income. This criterion establishes the maximum mortgage limit at $134,910 [$44,970 ? 3 = $134,910]. Another rule of thumb is that mortgage principal and interest should not exceed 30 percent of monthly income. This criterion establishes the maximum monthly mortgage payment at $1,124 [($44,970 / 12) ? .30 = $1,124.25]. A further assumption was that the individual would like to buy a single-family house on about a half acre in Lancaster County, Pennsylvania. The individual located an available house in Peach Bottom, Lancaster County, Pennsylvania. The house is in ZIP Code 17563. It is a 152 year-old two story detached, traditional house with three bedroo
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Some common words found in the essay are:
Mortgage Selection, Refinancing Five, Bradley Herzenberg, ZIP Code, Summary Conclusion, Sales Services, Background Assuming, County Pennsylvania, Retrieved Internet, 15-year mortgage, Mortgage Central, fixed rate, closing costs, amount mortgage, $1000 loan, loan @, $1000 loan @, 30-year fixed rate, income tax, mortgage payment, federal income, monthly payment, federal income tax, 15-year fixed rate, follows $1000 loan,
Approximate Word count = 1125
Approximate Pages = 5 (250 words per page)
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