FIN 420 - Week 5 - Team Project

FIN 420 - Week 5 - Team Project - or 30 Year Fixed Rate...

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Evaluate A financial Plan FIN/420
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Planning your financial future Many young couples find themselves beginning to make life altering decisions shortly after becoming married. § Expand the family unit § Home ownership § Advancing careers § Distant thoughts of retirement and other long term goals
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Protecting your assets Current Insurance Needs § Auto § Home § Health § Disability Income Insurance § Life
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Recommended Insurance Options Enroll in Disability Insurance. Increase Life Insurance Policy.
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Mortgage types Set rate of interest Makes budgeting easier Protects borrower from increases in monthly payments Amount of Interest rates varies over time Budgeting can be complicated Can double in interest rates in a few years Initial payments are low but rises Elements of Fixed-Rate Loans Elements of adjustable-rate loans
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Mortgage Repayment Summary $2,013.41mont hly 5.25% fixed 30 yr $2,435.82 monthly 7.25%, 5/1 ARM Fixed Mortgage ARM Mortgage
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Recommended Housing Options Refinance to a 15
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Unformatted text preview: or 30 Year Fixed Rate Mortgage. Sell House, move into more affordable housing. Rent House, move into more affordable Allocation of Funds Original $500 New $100 Original $280 New $135 Savings Fund Emergency Fund Present and Future Values The Retirement Investment Account with principal amounting to $50,575; $500 per month deducted for 457(b) tax-deferred retirement Strategies for Success Securing fixed mortgage rate Adjusting savings amount Establishing emergency fund 3-6 months Reducing Vehicle Expense CCCS Reducing Credit Card Debt Temporary Part-time Income Naomi References Mcwhinney, James (2009) Mortgages: Fixed-rate Versus Adjustable-rate. from http://www.investopedia.com/articles/pf/05/031605.asp#axzz1iWri ghyw Kapoor, J.R., Dlabay, L.R. & Hughes, R.J. (2008) Focus on personal finance (2nd ed.). New York, NY: McGraw-Hill....
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FIN 420 - Week 5 - Team Project - or 30 Year Fixed Rate...

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