Home Buying Process Essentials

Home Buying Process Essentials

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

Jackson Turner

FREE Resource

The video tutorial provides a comprehensive guide to the home buying process, from securing a loan to closing the deal. It emphasizes the importance of choosing the right loan officer and realtor, understanding financial commitments, and maintaining financial stability throughout the process. The tutorial also covers the option period, inspections, and the role of the underwriter, concluding with the final steps to home ownership, including closing costs and moving expenses.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the home buying process for most people?

Making an offer

Visiting open houses

Getting a loan officer

Finding a realtor

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the ideal credit score and down payment percentage for securing a good loan?

680 and 3.5%

740 and 20%

700 and 10%

750 and 15%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the pre-approval application?

To determine your loan eligibility

To find a realtor

To inspect the house

To finalize the purchase

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common percentage for closing costs relative to the purchase price?

4%

1%

2%

3%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary role of a realtor in the home buying process?

Inspecting the house

Handling closing costs

Finding a home and negotiating offers

Securing a mortgage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During the option period, what is typically done?

Moving into the house

Signing the closing documents

Inspecting the house

Finalizing the loan

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who has the ultimate power to approve or deny your loan?

Home inspector

Underwriter

Loan officer

Realtor

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