Buying a house

Buying a house

Assessment

Flashcard

Mathematics

12th Grade

Easy

CCSS
8.EE.C.7B, 6.RP.A.3B, RI.11-12.3

+4

Standards-aligned

Created by

Wayground Content

Used 2+ times

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the primary purpose of a home appraisal in the mortgage process?

Back

To assess the market value of the property.

2.

FLASHCARD QUESTION

Front

What is pre-approval in the context of mortgages?

Back

Written proof a lender is willing and ready to lend an individual a specific amount of money for a mortgage based on verified income and assets.

3.

FLASHCARD QUESTION

Front

What happens to the loan amount when you put down a larger down payment?

Back

The loan amount decreases.

Tags

CCSS.8.EE.C.7B

4.

FLASHCARD QUESTION

Front

Which factor affects the monthly payment on a house?

Back

Credit Score.

Tags

CCSS.8.EE.C.7B

5.

FLASHCARD QUESTION

Front

What factors can influence the interest rate on a mortgage?

Back

Credit score, loan amount, loan term, type of loan, economic conditions, lender's policies.

6.

FLASHCARD QUESTION

Front

What is a down payment?

Back

An initial payment made when purchasing a property, typically expressed as a percentage of the purchase price.

7.

FLASHCARD QUESTION

Front

What is a mortgage?

Back

A loan specifically for purchasing real estate, where the property serves as collateral.

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