Worksheetslesson five quiz: buying a home
Total questions: 10
Worksheet time: 10mins
A main advantage of buying is pride of ownership.
True
False
Buying a home will usually have fewer costs than renting.
True
False
The home-buying process ends with closing the purchase transaction.
True
False
A larger down payment will reduce the amount of the mortgage needed.
True
False
Conventional mortgages usually have a rate that changes as market interest rates change.
True
False
A common disadvantage of buying a home is:
few financial benefits
limited mobility
restrictions on decorating and having pets
conditions in the lease
The home-buying process starts with:
locating and evaluating a home
pricing the property
determining homeownership needs
obtaining an appraisal of the property
The amount of a mortgage a person can afford is affected by:
the location of the house
her or his income
the cost of insurance
his or her age
A (a) mortgage has a very large final payment.
The charges for settling a real estate transaction are also called (a) costs.
