Home Buying

A document that transfers ownership.

• Escrow

• Title

• Deed

• Easement

Paperwork kept with a third party until certain requirements are met.

• Escrow

• Title

• Deed

• Easement

When you decide to buy a home, you should ...

• Go ahead and start looking

• Get preapproved for a loan first

• Put in an offer to buy the home

• Empty your bank account

If you find a home you like you should get an...

• The grass cut before you buy it

• Eviction if someone is living there

• A dog

• Inspection on the home

Buying a home includes:

• Choosing a home

• Signing a contract

• Securing a down payment

• Financing a home

• All of the above

The common disadvantage of buying a home is

• fewer financial benefits

• limited mobility

• restrictions on decorating and having pets

• conditions in the lease

What is the primary purpose of a home inspection?

• To assess the home's market value

• To identify potential issues or repairs needed

• To determine the neighborhood's safety

• To finalize the mortgage agreement

Which of the following is a common type of mortgage?

• Fixed-rate mortgage

• Variable-rate savings account

• Adjustable-rate credit card

• Fixed-rate bond

What is a down payment in the context of home buying?

• The total cost of the home

• A percentage of the home's price paid upfront

• The monthly mortgage payment

• The interest rate on the loan

What does 'escrow' refer to in real estate transactions?

• A type of home insurance

• A third-party holding funds until conditions are met

• A legal document transferring property

• A type of mortgage