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DFI > Education > Education Information > Consumer Credit Education > Quizzes > Buying a Home Quiz Buying a Home Quiz

1. A main advantage to renting is pride of ownership.

True

False

2. Buying a home will usually have fewer costs than renting.

True

False

3. The home-buying process ends with closing the purchase transaction.

True

False

4. A larger down payment will reduce the amount of the mortgage needed.

True

False

5. Conventional mortgages usually have rates that change as market interest rates change.

True

False

6. A common disadvantage of buying a home is:

few financial benefits.

restrictions on decorating and having pets.

limited mobility.

conditions in the lease.

7. The home-buying process starts with:

locating and evaluating a home.

pricing the property.

obtaining an appraisal of the property.

determining homeownership needs.

8. The amount of a mortgage a person can afford is affected by:

his or her income.

the location of the house.

the cost of insurance.

his or her age.

9. A (fill in the blank) mortgage has a very large final payment.

conventional

balloon

graduated-payment

shared-appreciation

10. The charges for setting a real estate transaction are also called (fill in the blank) costs.

closing

mortgage

possession

selling

BUYING A HOME QUIZ ANSWERS

  1. FALSE
  2. FALSE
  3. FALSE
  4. TRUE
  5. TRUE
  6. limited mobility
  7. determining homeownership needs
  8. his or her income
  9. balloon
  10. closing