Describe Some of the Advantages and Disadvantages of Purchasing a Home

question 109

Essay

Describe some of the advantages and disadvantages of purchasing a home yourself instead of renting.

---

Definitions:

Final Payment

The last payment made to settle the balance of a financial obligation, such as a loan or mortgage.

Borrower

An individual, company, or institution that receives funds from a lender under the condition of paying back the borrowed amount plus interest.

Compounded Monthly

Interest calculated monthly on the principal sum plus previously earned interest.

Equal Payments

Regularly scheduled payments of the same amount, common in loans and amortization plans.