What do you know about real estate?

What do you know about buying a home?

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What are the advantages of being a first time homebuyer?

The median price for a home in the United States is...

• $303,650

• $256,900

• $377,700

• $197,500

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How do you think most people pay for their homes?

• Cash

• Loan

• Most people rent

What percent down do you need for a conventional home loan?

• 10%

• 3%

• 0%

• 20%

_______________ means you pay someone else each month for a place to live.

• house poor

• equity

• owning a home

• renting

_______________ refers to the average amount needed for housing, food, clothes, and other goods and services.

• budgeting expenses

• cost of living

• renter's cost

• standard of living

Whether you're renting or buying, your monthly payment should be

• less than 40% of your take-home pay

• less than 15% of your take-home pay

• less than 25% of your take-home pay

• more than 10% of your take-home pay

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Having a large house down payment (at least 20%) has benefits such as

• no PMI, lower total loan, and lower monthly payments

• more amenities, no PMI, and higher monthly payments

• PMI provided, higher total loan, and lower monthly payments

• PMI provided, more amenities, and lower monthly payments

The first step in buying a house is to find out how much a bank will loan you for the purchase--also know as being __________.

• preapproved

• preactivated

• prerecognized

• preordained