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WorksheetsBuying a House
Total questions: 14
Worksheet time: 7mins
loan
Money borrowed, must be repaid with interest
A legal document that transfers title from one person to another, usually real estate.
The amount of the house that you have paid for, or the amount you would get if you sold the house.
earnest money
A percentage of the sale price that goes to the seller's and buyer's agents. Usually paid by the seller.
A deposit made to a seller showing the buyer's good faith in a transaction. Refundable with some conditions.
Coverage against damages to the house or possessions in the home. Also, liability coverage against accidents in the home or on the property.
closing costs
The amount of the house that you have paid for, or the amount you would get if you sold the house.
When a person pays off a mortgage faster than planned
Fees paid at the sale of a home. May be paid by either the buyer or the seller.
Mortgage
A bank loan for the purchase of a home
A legal document that transfers title from one person to another, usually real estate.
The amount of money you borrow, or the amount you owe before interest is calculated.
The up front payment for your landlord
Loan principle
A bathroom that contains a toilet and sink but no bathtub or shower.
A bank loan for the purchase of a home.
any value-added loan where the proceeds are used to finance construction of some kind.
The amount of money you borrow, or the amount you owe before interest is calculated.
The cost of borrowing money is referred to as...
interst
credit
credit line
Annual percentage rate
To build a good credit history you should
open as much credit as possible quickly
pay on time and as much of your balance as possible
use the maximum credit allowed on all your credit cards
all of these
Can certain places you move be cheaper than other places and will that effect you salary based on that difference
true - will not effect your salary
false - will not effect your salary
true - will and can lower or raise your salary based on your other payments
false - it will not effect your salary but, your other payments will change
What information do you need to provide lenders to get preapproved for a mortgage?
Pay stubs, credit check, bank statements
Down payment amount and desired mortgage amount
W-2 statements and signed, personal and business tax returns
All of the above
What’s the average price of a home in the US in 2021?
408,800
$293,349
$490,944
$683,996
What fees can you expect when closing on a home
Application fee
Closing fee
Home inspection
All of the above
PMI stands for which of the following?
Principal Mortgage Income
Partial Means Index
Private Mortgage Insurance
Private Mortgage Income
If you don't have enough money to put down 20% on a house then you will probably have to pay ________?
PMI-Personal Mortgage Investment
MPI-Mortgage Primary Insurance
PMI -Private Mortgage Insurance
PIM-Personal Insurance for Mortgages
