Path to Home Ownership Flashcard

Front

What percentage of millennial renters aspire to own a home?

Back

91%

Front

What is the first practical step in the home buying process?

Back

Getting a loan

Front

What is the ideal credit score mentioned for better loan terms?

Back

740

Front

What does a loan officer help you with?

Back

Securing a mortgage

Front

What role does a realtor play in the home buying process? Options: Legal paperwork, Finding and negotiating for a home, Loan approval, Property inspection

Back

Finding and negotiating for a home

Front

What should you not change during the purchase process?

Back

Your job

Front

What is the purpose of the option period in home buying?

Back

To inspect the house and decide on proceeding

Front

Who has the final authority to approve or deny your loan?

Back

Underwriter

Front

What is typically due the second month after closing?

Back

First mortgage payment

Front

What additional costs should you consider when moving into a new home?

Back

Utility setup and moving costs