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WorksheetsHousing and Real Estate
Total questions: 18
Worksheet time: 11mins
If you're _________________, your house payment or rent is more than you can afford and still pay your bills.
house poor
rich
under-prepared
financially literate
The total amount still owed on a house is the ___________________.
leasing principal
charter amount
mortgage principal
equity
You'll want to have a(n) _________ of 10-20% of the total cost of the house you want to buy.
investment
down payment
budget
cost of living
_______________ means you pay someone else each month for a place to live.
house poor
equity
owning a home
renting
_______________ refers to the average amount needed for housing, food, clothes, and other goods and services.
budgeting expenses
cost of living
renter's cost
standard of living
__________ is the difference between what a house is worth and what is still owed on it.
equity
mortgage
investment amount
life of the loan
Apartment ______________ such as a pool, fitness center, and other perks are nice but usually mean higher rent prices.
upgrades
luxuries
amenities
benefits
A fixed-rate mortgage means your payment and interest rate won't
change for the life of the loan
change for the first five years of the loan
stay the same until your principal is paid down by 20%
stay the same during the first five years of the loan
Whether you're renting or buying, your monthly payment should be
less than 40% of your take-home pay
less than 15% of your take-home pay
less than 25% of your take-home pay
more than 10% of your take-home pay
Having a large house down payment (at least 20%) has benefits such as
no PMI, lower total loan, and lower monthly payments
more amenities, no PMI, and higher monthly payments
PMI provided, higher total loan, and lower monthly payments
PMI provided, more amenities, and lower monthly payments
Appreciating means that the value of a home you buy will continue to
go up, but only after ten years of paying your mortgage
fluctuate over time
go down over time
go up over time
When buying a house, you'll typically need a _____ % down payment to avoid paying PMI.
10
15
20
25
The first step in buying a house is to find out how much a bank will loan you for the purchase--also know as being __________.
preapproved
preactivated
prerecognized
preordained
Another word used for "renting" is:
buying
leasing
investing
owning
What does the A stand for in the home loan option referred to as an ARM?
Adjustable
Automatic
Adaptable
Administration
Whether you rent an apartment or buy a house, try to keep your monthly payment below _____% of your take-home pay.
20
25
30
35
A loan obtained for a home purchase is a(n)
equity
inspection
lease
mortgage
How do you feel about your understanding of Housing and Real Estate?
I don't have it yet.
I almost have it!
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I've got it! I could teach it to someone else!
