WorksheetsHousing Options
Total questions: 55
Worksheet time: 34mins
What are the pros of buying a house?
Building equity, stability, and potential tax benefits.
Higher upfront costs, potential for depreciation, and limited flexibility in location.
What are the cons of buying a house?
High property taxes, difficulty in selling, potential for foreclosure
High upfront costs, ongoing maintenance and repairs, limited flexibility to move, and potential decrease in property value.
What are the pros of renting a house?
Limited customization options, lack of stability, and potential for difficult landlords.
Flexibility, lower upfront costs, and less responsibility for maintenance and repairs.
Higher upfront costs, limited flexibility, and more responsibility for maintenance and repairs.
Less privacy, limited control over the property, and potential for rent increases.
What are the cons of renting a house?
Limited control, potential rent increases, and restrictions on customization.
Lack of stability, maintenance responsibilities, and difficulty in building equity.
What factors should be considered when buying a house?
Number of bedrooms, number of bathrooms, and square footage.
Proximity to schools, shopping centers, and public transportation.
Availability of parking, backyard space, and natural lighting.
Location, price, size, condition, neighborhood, amenities, and future resale value.
What factors should be considered when renting a house?
Number of bedrooms, proximity to schools and shopping centers, availability of parking
Pet policy, maintenance responsibilities, utilities included in rent
Accessibility to public transportation, noise level, natural lighting
Location, rental price, size and layout of the house, amenities, lease terms, landlord reputation, and the condition of the property.
What are the financial implications of renting a house?
Property taxes, homeowner's insurance, and mortgage payments.
Homeowner association fees and property management fees.
Monthly rent payments, security deposit, utility bills, maintenance costs, and potential rent increases.
Costs of purchasing furniture and appliances for the rental property.
What are the financial implications of buying a house?
The financial implications of buying a house include the down payment, mortgage payments, property taxes, homeowners insurance, maintenance costs, and closing costs.
The financial implications of buying a house include the down payment, mortgage payments, property taxes, homeowners association fees, and closing costs.
The financial implications of buying a house include the down payment, rent payments, property taxes, homeowners insurance, and maintenance costs.
The financial implications of buying a house include the monthly rent, property taxes, homeowners insurance, maintenance costs, and closing costs.
What is the loan from the bank for the purchase of a house?
Credit Score
Mortgage
Rent
Pool
Which statement below is TRUE?
Buying a home has the potential for more expenses.
Renting has the potential for more expenses.
The agreement between a renter and a landlord is:
Security Deposit
Mortgage
Lease
Deed
A larger down payment will reduce the amount of the mortgage needed.
True
False
The original amount of a loan, excluding interest.
Principal
Equity
Gross Income
Application
A public record of how you've managed your credit and debt in your past, including credit cards, loans and other leases.
Credit History
Credit Reprort
Credit Score
Credit Limit
What is a mortgage?
A mortgage is the payment you make each month to the bank so you can own your house at the end.
A mortgage is the money the bank give you each month so they can buy the house from you.
A mortgage is the price you pay to the landlord to rent an apartment
Which of these items are appliances?
What are two examples of amenities?
electricity
a gas fireplace
a double garage
a roof
If you live in an apartment, what payment do you make each month?
a mortgage payment
a rent payment
a security deposit
a maintenance fee
A MORTGAGE THAT GUARANTEES A FIXED OR UNCHANGING INTEREST RATE FOR THE LIFE OF THE LOAN.
FIXED RATE MORTGAGE
ADJUSTABLE RATE MORTGAGE
INTEREST ONLY MORTGAGE
BALLOON MORTGAGE
A LOAN USED TO PAY FOR A HOME
MORTGAGE
TITLE LOAN
HOME EQUITY LOAN
SECURED LOAN
AN OWNER MUST RETURN A TENANT'S SECURITY DEPOSIT WHEN THE RENTER MOVES OUT.
TRUE
FALSE
WHEN YOU RENT HOUSING, YOU ARE RESPONSIBLE FOR THE REPAIR OF THE BUILDING.
TRUE
FALSE
HOMEOWNERSHIP IMPROVES YOUR CREDIT RATINGS
TRUE
FALSE
UTILITIES INCLUDE ___.
HEAT, WATER, AND ELECTRICITY
RENT AND RENTER'S INSURANCE
DOWN PAYMENT AND SECURITY DEPOSIT
FOOD, INTERNET AND CELL PHONE
A LEASE SPECIFIES THE RIGHTS AND RESPONSIBILITIES OF THE ___.
TENANT
PROPERTY OWNER
TENANT AND PROPERTY OWNER
TENANT, BUILDER AND PROPERTY OWNER
A LEASE IS A ___.
CASUAL AGREEMENT
LEGAL DOCUMENT
SLIDING SCALE OF PAYMENTS
CLOSING COST SCHEDULE
WITH A FIXED RATE MORTGAGE, IF INTEREST RATES RISE, THE MORTGAGE PAYMENT WILL ___.
STAY THE SAME
GO UP
GO DOWN
BE ELIMINATED
Renting is a wise choice for someone who wants _______
privacy
mobility
space
a large backyard
The value of the house minus the amount still owed on the money borrowed to purchase it is called _______.
mortgage
equity
points
renters insurance
Select 3 advantages of renting over buying
A sense of stability and permanence
Greater mobility
Lower initial costs
Fewer responsibilities
Tax deductions
Select 3 benefits of owning a home
A sense of stability and permanence
Not tied to a mortgage
Have pets
Fewer responsibilities
Tax deductions
Select 2 advantages of a fixed-rate mortgage
Offer peace of mind because monthly payments always remain the same
The rate changes according to economic indicators
Your rates will change according to the terms of your agreement with the lender.
Guarantee a particular interest rate
What 4 things are included in your monthly payment to a lender?
Mortgage Payment
Property Taxes
Down Payment
Home Insurance
PMI (if applicable)
Living on your own can be expensive.
True
False
A house loses value over time.
True
False
An investment makes your money work for you._
True
False
To afford something is to _____________.
Buy it now
buy it later
be able to pay for something
Interest is _________________.
money you have in the bank
Money you pay to borrow money
An Acknowledge Clause is the portion of a legal contract signed by both parties,
True
False
The cost of living is the extreme cost of the basic goods and services needed to sustain a certain standard of living.
True
False
House poor is spending so much of your income on the costs of home ownership, so you struggle financially.
True
False
Private Mortgage Insurance protects the lender.
True
False
Mortgage Principal is the amount borrowed to purchase a house.
True
False
