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WorksheetsBuying a Home
Total questions: 20
Worksheet time: 20mins
Buying a home will usually have fewer costs then renting.
True
False
A larger down payment will reduce the amount of the mortgage needed.
True
False
A common moving-in cost for an apartment would be:
A down payment
Building insurance
Real estate taxes
A security deposit
What word is another word for a property loan?
Down Payment
Financed
Interest
Mortgage
Principal
What word means the part of the price paid at the time of purchase?
down payment
financed
interest
mortgage
principal
What is a mortgate loan?
Free money
A loan from the bank to buy a boat
A loan from the bank to buy a house
A loan from a friend
What are the benefits to owning your own home:
Make changes whenever you feel like it
Have a place that is yours
Build wealth when you pay it off
all of the above
What is a down payment?
50%
The amount money you get to buy your dream house
The money you pay up front for your house
_______________ means you pay someone else each month for a place to live.
house poor
equity
owning a home
renting
The meeting at which the title to the property is transferred from seller to buyer is the closing.
True
False
An interest rate that varies is called a fixed rate.
True
False
down payment
An initial cash payment made when something is bought on credit.
A percentage of the sale price that goes to the seller's and buyer's agents. Usually paid by the seller.
The proportion of the loan that is charged with interest to the borrower.
When paying rent to a landlord, is your money ever returned to you?
Yes
No
When renting a home, what term refers to the owner of the home?
Boss
Coach
Tenant
Landlord
What is a down payment?
A sum of money that you pay at closing
Percentage earned of sale price
A loan which uses the equity in your house to secure you loan
What does the deposit goes to ?
The price of the house
Your savings
Anything you need
Things for the house
What is fixed - rate mortgage?
Fixing sumn
the interest rate doesn’t change the term of the loan. This rate stays consistent despite fluctuating interest rates.
Your fixed amount
The amount you pay for your house when you are buying it
Another thing to think about when considering the price of a house is...
Closing costs
How many neighbors there are
The name of the street
Who helps you find the right house?
Loan Officer
Realtor
Neighbors
