Buying a Home

Buying a home will usually have fewer costs then renting.

• True

• False

A larger down payment will reduce the amount of the mortgage needed.

• True

• False

A common moving-in cost for an apartment would be:

• A down payment

• Building insurance

• Real estate taxes

• A security deposit

What word is another word for a property loan?

• Down Payment

• Financed

• Interest

• Mortgage

• Principal

What word means the part of the price paid at the time of purchase?

• down payment

• financed

• interest

• mortgage

• principal

What is a mortgate loan?

• Free money

• A loan from the bank to buy a boat

• A loan from the bank to buy a house

• A loan from a friend

What are the benefits to owning your own home:

• Make changes whenever you feel like it

• Have a place that is yours

• Build wealth when you pay it off

• all of the above

What is a down payment?

• 50%

• The amount money you get to buy your dream house

• The money you pay up front for your house

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

• house poor

• equity

• owning a home

• renting

The meeting at which the title to the property is transferred from seller to buyer is the closing.

• True

• False