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Buying a Home

Authored by Steven Howard

Professional Development

9th - 12th Grade

Used 1+ times

Buying a Home
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is equity?

How much you owe on your mortgage

The amount other homes in your area are being sold for

How much your home value has increased over time

The difference between what you owe on your mortgage and current home worth

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What information do you need to provide lenders to get preapproved for a mortgage?

Pay stubs, credit check, bank statements

Down payment amount and desired mortgage amount

W-2 statements and signed, personal and business tax returns

All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of these loans protects you from rising interest rates?

Adjustable-rate mortgage

FHA loan

Fixed-rate loan

VA loan

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What fees can you expect when closing on a home

Application fee

Closing fee

Home inspection

All of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What expenses are expected when owning a home?

Mortgage

Property tax

Insurance

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the recommended percentage of income you should spend on a monthly mortgage payment?

15-20%

20-35%

35-40%

45-55%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You can fall behind how many months before a lender will start foreclosure steps?

2 months

3 months

4 months

5 months

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