EverFi � Module 7 � Renting/Leasing versus Owning

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                          EverFi – Module 7 – Renting/Leasing versus Owning

   I.   Difference between owning and renting:
            a. Define Owning:

           b. Define Renting:



           c. Other Terminology:
                  i. Depreciating Asset:

                   ii. Appreciating Asset:

                   iii. Mortgage:

                   iv. Lease:

           d. What are the major differences between owning and renting?
                 i.

                   ii.

                   iii.

   II. Mortgages – Terminology
          a. Fixed Rate:

           b. Adjustable Rate:

           c. Balloon Payment:

           d. Default:

           e. Foreclosure:

   III. Leasing vs. Buying a Car
            a. What is a lease?

           b. When should you buy?

           c. When should you lease?
       d. What are three other costs to owning or leasing a car?
              i.
             ii.
            iii.

IV. Housing Options:
       a. Explain the basics of buying a house:




       b. Explain the basics of renting:




       c. What are 3 Advantages of owning?
             i.

                ii.

               iii.

       d. What is a big disadvantage of owning?
             i.

       e. What is a major advantage to renting?
             i.

       f.   What are 2 major disadvantages to renting?
               i.

                ii.

       g. Is there another living option? What is it?