Select A Department:
Buying Your 1st Home
Home Buying Refresher
Home Living
Great Outdoors
Financial Home
Home Safe Home
Money Saving Ideas
Courses in this Department
Step 1 - Planning
Step 2 - Financing
Step 3 - Selecting
Step 4 - Buying
Step 5 - Owning
Quiz
True or False
It’s okay on your
Mortgage
loan
Application
to have several
Credit
cards with high balances, as long as you’ve been paying them off on time.
True
False
Being late by 30 days on your bills could seriously affect your chances of qualifying for a home
Mortgage
loan.
True
False
Mortgage
Interest
payments are not
Tax
deductible.
True
False
Homeowner insurance
and
private Mortgage insurance
>
are not
Tax
deductible.
True
False
Multiple Choice
Generally speaking, you should plan to stay in your home for at least __ year(s) if you plan to buy it
One year
two years
three years
five years
The advantages of owning a home are:
Ability to get loans using the home’s value as collateral
Ability to deduct
Property
Tax
payments.
Sense of home and community
all of the above
Tradeoffs of owning a home are:
More expensive than renting
Cost and time of upkeep
Greater financial risk
Mandatory assessments for street parking
Items in the monthly payment include:
loan principal and
Interest
homeowners insurance
Property
Tax
all of the above
Mortgage
lenders consider which of the following in determining your eligibility for a home
mortgage
loan:
your job’s history,
Income
and stability
your payment history on your other loans
savings for the
Down payment
the quality of neighborhood where you currently live
Deciding whether or not to buy a home is a matter of which of the following:
being ready financially
being ready for the responsibility
understanding the benefits and risks.
all of the above
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Create a Plan
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Get a Mortgage
]
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Shop for Homes
] - [ 4.
Negotiate and Close
] - [ 5.
Own Your Own Home!
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