Buying a House

Buying a home includes:

• Choosing a home

• Signing a contract

• Securing a down payment

• Financing a home

• All of the above

Which housing option gives you more freedom and more responsibility?

• Leasing a house.

• Borrowing a house.

• Buying a house.

• Housesitting

Why is home ownership considered a long-term investment?

• It provides a stable job

• It guarantees high returns

• It offers a place to live and builds equity

• It comes with no financial risks

What is the primary benefit of owning a home compared to renting?

• A) Lower monthly payments

• B) Building equity

• C) No maintenance responsibilities

• D) Flexibility to move anytime

Which of the following is a common step in the home buying process?

• A) Applying for a credit card

• B) Getting a home inspection

• C) Renting a moving truck

• D) Hiring a landscaper

What is a mortgage?

• A) A type of insurance

• B) A loan to purchase a home

• C) A home improvement grant

• D) A property tax

Why is a down payment important when buying a house?

• A) It reduces the loan amount

• B) It increases the interest rate

• C) It eliminates closing costs

• D) It guarantees home insurance

What does 'closing costs' refer to in the context of buying a house?

• A) The cost of moving furniture

• B) Fees paid at the end of a real estate transaction

• C) The cost of home repairs

• D) The cost of home insurance

Which government program helps first-time homebuyers?

• A) Social Security

• B) Medicare

• C) FHA loans

• D) SNAP benefits

What is equity in terms of home ownership?

• A) The home's market value

• B) The amount owed on the mortgage

• C) The difference between the home's value and the mortgage balance

• D) The cost of home insurance