Part 2 of Midterm

In order for me to complete my midterm I had to make sure I had all the information from my classmates, I had to have all the topics that the groups had to pick and choose from what I wanted to use in my midterm. The Class had to decide together on how we would like to be graded in a way that was fair to us and on Mr.de wit. So the class came up with this that you could work in a group of however many you wanted. As a group you could do one paper and be graded that way or each person in the group could do their own paper and all the papers be graded to get the average or medium grade for everyone in the group. Then if people wanted to work by themselves they could but they had  to help look at or sign off on someone else paper so that every person in the class got some form of help. I just had to decide whether or not I wanted to be in a group or work by myself. part of me wanted to work with the same people I worked with in the beginning but they had added more people and that group I felt was too big and I decided I should work with other people I normally didn't work with but I still wanted to do my  own thing. So in the end I decided to work with Jeannette and we decide to do our own papers but get one grade for both. We came up with ideas on how we can each formulate our papers. We each emailed the other the progress we were making and emailed our final paper to one another on Sunday and read them. I read Jeannette's paper and it was really good to me then I looked at mine and felt bad. Mine compared to hers in my eyes was like copper and hers like gold. That is just How I felt but she assured me it made sense to her and she felt it was good. I was having a hard time on how I wanted to write my paper because I had so many ideas in my head and I kept changing everything I wrote and it was taking me longer to come up with an end product but in  the end I did my best and turned in what I had. I just hoped it made sense to anyone else besides my partner.

Part 1 of The 3 part Midterm

The topic my group researched was mortgages. How they work and what a mortgage is and what would your mortgage be for a $400,000 house? My group members were Kaylen Carter, Leo Evans, and Valerie Mozee. The process that I went through was that me and my group members we did our research first. I asked my mother some questions on how mortgages worked and what they were. she gave me some information which helped a lot since she used to be in real estate and had her own company for a couple of years. After asking my mother the expert I also searched online for some useful websites. Some websites I went to would answer only a little bit of what I wanted to know  and some gave me too much information on things that I did not want to know or that were only a little bit useful or relevant.  Then I would find a website that would be great to use but it was in the language that real estate agents or brokers use. The content in the website was really hard for me to understand. So I searched for the same information but for the website to put it in layman's terms for me. So once I gathered up my information I  just printed it out then I also copied and pasted it on to Google docs to save my info I gathered. Them later on I met up with my group in class and we shared what information we had found and how we could answer the question and how to split up our work. We decided to split the work up in five in a group of four, someone would have to do twice the work. We each did a section of mortgages, what it was, the down payments, the different types of mortgages, the loans and analysis, the closing cost, and of course the answer to our question. I did what a mortgage was also how it worked, and I also answered the question and gave an example. Kaylen did what a down payment was and how it worked, Leo did the loans, analysis and closing cost, and Valerie did the different types of mortgages. We also made a outline format after we split the work up so we knew how to say it and when. Everyone typed up their parts to the project and I typed the outline and just copied and pasted my groups work that they emailed me to the outline. Then I printed it out and emailed copies to my group members. By us splitting up the work it was easier for us to get it done and understand what we were going to talk about to the class.  I feel good about what my group learned and did while doing this little project it will all help us out in our daily lives.

Here is the handout we emailed and shared with our fellow classmates:

Intro

Introduce ourselves: Analicia, Kaylen, Leo, Valerie

Analicia

Explain what a Mortgage is:

A mortgage is a loan procured by a buyer to pay off the seller of a piece of property in full. The buyer then owes the lender the total amount borrowed, plus interest and fees. As collateral or guarantee of payment, the lender holds the deed or ownership of said property, until the buyer pays the mortgage off. However, the buyer occupies the property as if it were already their own

Kaylen

Explain a down payment:

 The down payment on a mortgageis the lump sum you pay upfront that lessens the amount of money you have to burrow. You can put as much down as you want but the normal amount is 20% of  the house cost .

Example: If you  and your spouse together make 60,000 a year (which was the case for  first -time homebuyers in 2009), you can probably buy a 180,000 home if you have moderate debt (debt payments of 12% of your income ), and a 240,000 home if you have little or no debt and can make 20% down payment  

Valerie

Different types of mortgages:

What is the difference between fixed- and adjustable-rate mortgages?

1. Fixed rate mortgages offers an interest rate that will never change over the entire life of the

  loan. Monthly mortgage payments remains the same for 15, 20, or 30 years, depending on

  the length of your mortgage. The only numbers that might change are property taxes and

  any insurance payments included in your monthly bill. 30 year fixed rate is the longest loan,

  a person will pay the most in interest. That might not seem like a good thing, it also allows

  you to deduct the most in interest payments from taxes. This long-term loan locks in the

  lowest monthly payments. 20 year fixed rate are harder to find, but the shorter term will

  allow a homebuyer to build up more equity in their home sooner. Since they’ll be making

  larger monthly payments, the interest rate is generally lower than a 30-year fixed mortgage.

  15 year fixed rate has the same benefits as the 20-year term (quicker payoff, higher equity

  and lower interest rate), but the homeowner will have an even higher monthly payment.

2. Adjustable-rate mortgages has an interest rate that changes usually once a year according

  to changing market conditions. A changing interest rate affects the size of the monthly

  mortgage payment. ARMs are attractive to borrowers because the initial rate for most is

  significantly lower than a conventional 30-year fixed-rate mortgage. Even in 2010, with

  interest rates on the 30- year fixed mortgage at historic lows, the ARM rate is almost a full

  percentage point lower. ARMs also make sense to borrowers who believe they’ll be selling

  their home within a few years.

Leo

Loans: 30 year loan vs. a 15 –year analysis

The advantages of a 30 year loan are that the monthly payments are low and with the 30 year mortgage you can qualify for a much larger loan and by much larger or nicer house. The downside is that you have to make payments for extra 15 years versus a 15 year loan you would pay a lot more total interest over the life of the loan. Yet, in most cases you will go with a 30 year loan.

We can’t get forget about closing costs

You will need to pay a closing costs from your savings (lowering the amount available for a down payment), or qualify for a long that’s a little larger than the house you want to buy, and have the closing costs added to the loan (which is called “rolling the closing costs” into the mortgage).

Question: what would your monthly mortgage be for a $400,000 house?

Answer: your mortgage would be $2,3000 per month not including property taxes.

Example: Lets say you found a house that you love and you need to borrow 400,000 to finance the home purchase. We will assume that you have some money to put down as a down payment, since very few lenders will approve  a 400,000 home loan without some upfront cash. That said, if the terms of your mortgage are 5% fixed interest rate over 25 year term, your monthly mortgage will be around 2,3000 per month not including property taxes.

Class mates blog spots

Here are our Eng 4 class mates blog spots please connect with them if you have questions

abdelghani suliman abdelghanidarja4.blogspot.com

Michael hubbard mikehubblb.blogspot.com

Ashmond Swayne ashmondswayneblog.blogspot.com

Kandis Calip successiski.blogspot.com

Kameron Fears kamnewlebron.blogspot.com

Chris Guiterrez http://chrismgutierrez92.blogspot.com/

Brianna Blincoe speakingmytruthsnow.blogspot.com

Tyrone Johnny Davison johnnydaviso.blogspot.com

Jeannette Adejobi http://jeannetteadejobi.blogspot.com/

Jennifer Valdiva Http://valjenxo.blogspot.com

Elysse Price http://elysheart.blogspot.com/

Leo Evans http://royalscholar.blogspot.com/

Valerie Mozee valeriemozee.blogspot.com
Sandra Millington 

sandramillington.blogspot.com
Milkhais  http://milkhais.blogspot.com/?m=1
Santiana Hill 
http://santianahill.blogspot.com
Analicia 
analiciastevens.blogspot.com
Ariel Nelson arielnelson.blogspot.com
Big Klef http://bigklef.blogspot.com/
Nakisha Thompson kishat33.blogspot.com/2013/09
Daa'nisha Huey shakayhuey18.blogspot.com

Cassidy Brooks Cassidybdar.blogspot.com
Cicily Singh  http://cicilys9.blogspot.com 
Bianca Bullock  http://beebullock.blogspot.com
Bridgette Bullock bridgettedior.blogspot.com
Markland Bailey http://marklandbailey1.blogspot.com 

The 11 topics in eng 4 class

Forgive me if I put your names in the wrong groups or misspelled them , I just wrote down what de wit had on the board last week






1.Dismantling the safety net(cicily,christina,jeannette)

2.What is a mortgage and how it works(kaylen,Analicia,Leo,valerie)

3.From manufacturing jobs to low income jobs(ashmond,johny,kariy)

4.What is affordable health care act and why are the republicans shutting down government because of it(Dominique,markland)

5.what is the state of health care and example ACA?(kameron,jennifer,bianca)

6.tax write offs(Ariel ,nakisha, abdelghani)

7. corporate welfare(Cassidy,)

8.capital gains(milkhals,santiana)

9.outsourcing(chris,mike,sandra)

10.ageism(Elysee,Bridgette, )

11.meaning of the mortgage crisis

Mortgage group work

Intro

Introduce ourselves: Analicia,Kaylen, Leo,Valerie

Analicia

Explain what a Mortgage is:

A mortgage is a loan procured by a buyer to pay off the seller of a piece of property in full. The buyer then owes the lender the total amount borrowed, plus interest and fees. As collateral or guarantee of payment, the lender holds the deed or ownership of said property, until the buyer pays the mortgage off. However, the buyer occupies the property as if it were already their own

Kaylen

Explain a down payment:

 The down payment on a mortgage is the lump sum you pay upfront that lessens the amount of money you have to burrow. You can put as much down as you want but the normal amount is 20% of  the house cost .

Example: If you  and your spouse together make 60,000 a year (which was the case for  first -time homebuyers in 2009), you can probably buy a 180,000 home if you have moderate debt (debt payments of 12% of your income ), and a 240,000 home if you have little or no debt and can make 20% down payment  

Valerie

Different types of mortgages:

What is the difference between fixed- and adjustable-rate mortgages?

1. Fixed rate mortgages offers an interest rate that will never change over the entire life of the

  loan. Monthly mortgage payments remains the same for 15, 20, or 30 years, depending on

  the length of your mortgage. The only numbers that might change are property taxes and

  any insurance payments included in your monthly bill. 30 year fixed rate is the longest loan,

  a person will pay the most in interest. That might not seem like a good thing, it also allows

  you to deduct the most in interest payments from taxes. This long-term loan locks in the

  lowest monthly payments. 20 year fixed rate are harder to find, but the shorter term will

  allow a homebuyer to build up more equity in their home sooner. Since they’ll be making

  larger monthly payments, the interest rate is generally lower than a 30-year fixed mortgage.

  15 year fixed rate has the same benefits as the 20-year term (quicker payoff, higher equity

  and lower interest rate), but the homeowner will have an even higher monthly payment.

2. Adjustable-rate mortgages has an interest rate that changes usually once a year according

  to changing market conditions. A changing interest rate affects the size of the monthly

  mortgage payment. ARMs are attractive to borrowers because the initial rate for most is

  significantly lower than a conventional 30-year fixed-rate mortgage. Even in 2010, with

  interest rates on the 30- year fixed mortgage at historic lows, the ARM rate is almost a full

  percentage point lower. ARMs also make sense to borrowers who believe they’ll be selling

  their home within a few years.

Leo

Loans: 30 year loan vs. a 15 –year analysis

The advantages of a 30 year loan are that the monthly payments are low and with the 30 year mortgage you can qualify for a much larger loan and by much larger or nicer house. The downside is that you have to make payments for extra 15 years versus a 15 year loan you would pay a lot more total interest over the life of the loan. Yet, in most cases you will go with a 30 year loan.

We can’t get forget about closing costs

You will need to pay a closing costs from your savings (lowering the amount available for a down payment), or qualify for a long that’s a little larger than the house you want to buy, and have the closing costs added to the loan (which is called “rolling the closing costs” into the mortgage).

Question: what would your monthly mortgage be for a $400,000 house?

Answer: your mortgage would be $2,3000 per month not including property taxes.

Example: Lets say you found a house that you love and you need to borrow 400,000 to finance the home purchase. We will assume that you have some money to put down as a down payment, since very few lenders will approve  a 400,000 home loan without some upfront cash. That said, if the terms of your mortgage are 5% fixed interest rate over 25 year term, your monthly mortgage will be around 2,3000 per month not including property taxes.

Bill O'reily poverty video anaylisis and reaction

Analicia Stevens

10/12/13

Eng 4/ Daraja

Bill O’reily video response/ analysis

The question that Bill O’reily asks is “are the poor and middle class Americans getting  hosed?” Bill gives a statistic of poverty in America provided by white house.gov website. It states 46 % of Americans live below the poverty line which is 15% of the population in America. In 2010, 560 billion dollars was spent on trying to help the poor, which is 16% of the federal budget. which is up 5,400% since 1970.  Bill claims that because there are so many people living under the poverty line it is because most of those people are substance abusers. Cornell says that 1% of the populations owns 40% of the wealth and 100% income growth go to the top 10% . Also 1% of the population had 81% of income growth over the past 25 years. The rich have too many loopholes and are somewhat greedy when it comes to their wealth. Not only do the rich not have to pay as much taxes if any but one in four corporation do not pay taxes . While the poor or lower class have to pay taxes that are being increased and are  losing a lot of jobs that they need.

Bill agrees with cornel on the fact that we need to tighten up the loopholes but having a flat rate that everyone pays.  bill says why would one want to take money from the rich and give it to those we see fit? he calls it socialism and it will not work. Tavis goes on and says that socialism is when one bails out banks which is the textbook definition and that we did this. I noticed that bill is quick to not let Tavis nor Cornell answer the questions or give their opinion on the matters at hand. He is quick to dismiss them and say that they are wrong. Bill also is quick to get defensive and argumentative and he feels that if he is talking no one else can interrupt but he interrupts  Tavis and Cornel and will not let them get a word in. Tavis and Cornel try to express their views on things and answer the questions they have been asked but can not get a word in. They have been nothing but respect full to bill and bill has been rude and out of line.

Bill goes on to say that Tavis and Cornel want  income redistribution  because that is what president Obama wants as well. I felt like that was an attack on their race. the reason being is because bill says it in a rude way like that's is what president Obama wants that's what you guys want. Bill tells Tavis to stop talking and does not let Tavis finish his point nor answer the question that bill asked. Then Tavis tells bill that it was wrong of  him to target Stan O'Neil a  black CEO and make him the poster child for the negatives that corporations do in America but right to go after him because of what he did. Bill automatically starts to raise his voice and starts to become argumentative saying knock it off with the black businesses and that we treat everyone the same.then bill mutters under his breath I'm not going to talk about this. From the whole conversation if one can even call it that it seemed to be very one sided and the person I heard talk the most was bill.  He continued to argue the same point and Tavis and cornel made some very good points but I could not hear them all because of bill’s loudness and talking over people. It seemed like to me that when Tavis and cornel made a valid point and proved bill wrong, he would get defensive and start to talk over or just be completely rude. The video at some points started to defer from the topic at hand sometimes and that was on bill. They kind of acted like children . Anyway this my reaction and analysis of the video.