Home Buying Essentials Flashcard 1-3 Sections

Front

What is a budget in the context of home buying?

Back

A financial plan estimating income and expenses.

Front

What are online tools in the context of home buying?

Back

Digital resources for estimating expenses and finding homes.

Front

Which of the following is NOT an ongoing expense?

Back

Appraisal fees.

Front

Which of the following is considered an ongoing expense for homeowners?

Back

Mortgage payments.

Front

Which of the following is a digital resource used in home buying?

Back

Property search websites.

Front

What are property taxes?

Back

Taxes paid by homeowners based on the value of their property.

Front

What is a down payment?

Back

An upfront payment made when purchasing a home, typically a percentage of the purchase price.

Front

What are closing costs?

Back

Fees and expenses paid at the closing of a real estate transaction.

Front

What is home insurance?

Back

Insurance that protects homeowners from financial loss due to damage or theft.

Front

What is a mortgage?

Back

A loan specifically for purchasing real estate, secured by the property itself.