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WorksheetsHow to Buy a House
Total questions: 21
Worksheet time: 11mins
How much of a down payment do you have to make if you get a conventional loan
10 to 20%
3.5 %
what credit score do you need to get the lowest interest rate possible on your mortgage loan?
at least 400
above 740
at least 500
at least 650
Which of the following is going to prevent you from getting a loan to buy a house? (check all that apply)
low credit score
debt
nothing can prevent you from getting a loan as long as you have money for the down payment.
What should you do before you start looking at properties?
call a real estate agent
talk to a lender to see how much of a loan you're going to qualify for based on your credit score an income. That way, you're not wasting your time looking at 3 million dollar homes when the bank is only going to loan you $400k
which of the following things will a lender want from you to determine how much loan money you qualify for? (check all that apply)
1 to 2 years of tax returns (to prove income)
full credit report and score
the last 2-6 months of banks statements
Recent paystubs
what types of inspections should you have done on a house before you actually close and purchase it
plumbing, electric and roof
inspect everything!....if it's something that can be inspected ...have it inspected....expect to pay $1500 on inspections alone
none..trust the seller..the house is fine
none...if the real estate agent is showing it to you..then it must be safe
The bank will require an appraisal of the house before giving you a loan. What's the purpose of the appraisal?
The bank wants to have that information on file
The bank wants to know how much money the house is actually worth so that they give you the exact amount of money you need to buy the house and not a penny more.
The bank is just being annoying
What should you do to make up for the thousands of dollars you will have to spend in "fees" to close on the home?
there's nothing you can do it
you can ask the seller to take some money off the price of the house. You can site the reason as "repairs" that you found that you're going to have to make.
Based on the type of mortgage, you can compare with: estimated monthly payments, the interest rate, and how large a down payment you plan to make.
True
False
What must be shown to prove that the borrower can pay the mortgage loan?
Tax returns, bank statements and current job
Home ownership, bank statements and current job
Tax returns, bank statements and it does not matter if the borrower is unemployed
what will happen if you don't pay your mortgage?
You can lose your property
You can win other propert
You can lose your family xd
The normal _______ for a mortgage is up to 30 years
Term
Interest Rate
Loan
The fee a bank charges to loan you money is called ________________.
mortgage
principal
interest
What is the money you borrow called?
interest
principal
down payment
Monthly payment is made up of the prinicpal and the interest.
True
False
