Buying a Home

Front

What is the most affordable state to buy a house in?

Back

Iowa

Front

What is equity?

Back

The difference between what you owe on your mortgage and current home worth.

Front

What information do you need to provide lenders to get preapproved for a mortgage?

Back

Pay stubs, credit check, bank statements; Down payment amount and desired mortgage amount; W-2 statements and signed, personal and business tax returns; All of the above

Front

Which of the following coverages are usually not in a standard homeowner's insurance policy? Dwelling coverage, Flood Protection, Contents coverage, Personal liability

Back

Flood Protection

Front

What’s the average price of a home in the US?

Back

$293,349

Front

Which of these loans protects you from rising interest rates? Adjustable-rate mortgage, FHA loan, Fixed-rate loan, VA loan

Back

Fixed-rate loan

Front

What fees can you expect when closing on a home? Application fee, Closing fee, Home inspection, All of the above

Back

All of the above

Front

What expenses are expected when owning a home? Mortgage, Property tax, Insurance, All of the above

Back

All of the above

Front

What’s the current average 30-year fixed mortgage rate in the US?

Back

2.63%

Front

What is the recommended percentage of income you should spend on a monthly mortgage payment?

Back

20-35%