Standard 10: Renting vs. Buying

PFL.10.1 Explain the advantages and disadvantages of renting versus buying a home by comparing how various housing options meet different needs and wants. 

PFL 10.2 Describe the elements and terms of a standard lease agreement (e.g., deposit, due date, grace period, late fees, and utilities).

PFL 10.3 Analyze financial considerations when purchasing a place to live.

A. Identify types of lenders and mortgage loans, including fixed versus adjustable- rate mortgage loans.
B. Explain the elements of a mortgage (e.g., down payment, escrow account, home insurance, property taxes, late fees, potential early payment penalties, and amortization tables).