Buying a Home Quiz
1. A main advantage to renting is pride of ownership.
2. Buying a home will usually have fewer costs than renting.
3. The home-buying process ends with closing the purchase transaction.
4. A larger down payment will reduce the amount of the mortgage needed.
5. Conventional mortgages usually have rates that change as market interest rates change.
6. A common disadvantage of buying a home is:
few financial benefits.
restrictions on decorating and having pets.
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.
10. The charges for setting a real estate transaction are also called (fill in the blank) costs.
BUYING A HOME QUIZ ANSWERS
- limited mobility
- determining homeownership needs
- his or her income