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Questions: Home Buying Process

Authored by Ana Alvarado

Other

12th Grade

Used 2+ times

Questions: Home Buying Process
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in acquiring a loan to buy a house?

A. Determine how much money you need

B. Check your credit score

C. Contact a real estate agent

D. Visit different houses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a down payment when buying a house?

A. To cover closing costs

B. To reduce the total amount borrowed

C. To pay for home insurance

D. To ensure a fixed interest rate

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When buying a house, what is the "deed"?

A. A paper that shows you own the house

B. A promise to pay the bank back over time

C. An agreement with the seller on the price

D. A document that states the interest rate on your loan

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key difference between a fixed-rate and an adjustable-rate mortgage?

A. Whether or not the monthly payment amount can change

B. The type of property you are buying

C. The need for a down payment

D. How much you pay in taxes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is location important when buying a house?

A. It determines the interest rate on your loan

B. It affects your insurance premiums

C. It influences your satisfaction with the house and neighborhood

D. It impacts how much you pay in property taxes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Before finalizing a home purchase, what should you do to ensure everything is okay with the property?

A. Have the house inspected by professionals

B. Visit the neighborhood at different times of the day

C. Make a larger down payment

D. Sign the mortgage papers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following documents is most important to bring to a home closing meeting?

A. Your ID

B. A list of desired home features

C. A copy of your bank statements

D. A recent utility bill

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