Path to Home Ownership Quiz

What percentage of millennial renters aspire to own a home?

• 91%

• 75%

• 85%

• 65%

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

• Saving money

• Getting a loan

• Visiting open houses

• Finding a realtor

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

• 620

• 800

• 740

• 680

What does a loan officer help you with?

• Finding a home

• Securing a mortgage

• Negotiating the price

• Inspecting the property

What role does a realtor play in the home buying process?

• Legal paperwork

• Finding and negotiating for a home

• Loan approval

• Property inspection

What should you not change during the purchase process?

• Your furniture

• Your realtor

• Your bank

• Your job

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

• To renegotiate the loan terms

• To inspect the house and decide on proceeding

• To prepare moving in

• To choose furniture

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

• Realtor

• Inspector

• Underwriter

• Loan officer

What is typically due the second month after closing?

• Utility bills

• First mortgage payment

• Realtor's commission

• Home insurance

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

• Utility setup and moving costs

• Property taxes

• Closing costs

• Down payment