Buying a Home

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

• Iowa

• Indiana

• California

• Texas

What is equity?

• How much you owe on your mortgage

• The amount other homes in your area are being sold for

• How much your home value has increased over time

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

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

• 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

Which of the following coverages are usually not in a standard homeowner's insurance policy?

• Dwelling coverage

• Flood Protection

• Contents coverage

• Personal liability

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

• $273,992

• $293,349

• $490,944

• $683,996

Which of these loans protects you from rising interest rates?

• Adjustable-rate mortgage

• FHA loan

• Fixed-rate loan

• VA loan

What fees can you expect when closing on a home

• Application fee

• Closing fee

• Home inspection

• All of the above

What expenses are expected when owning a home?

• Mortgage

• Property tax

• Insurance

• All of the above

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

• 2.63%

• 2.61%

• 3%

• 3.1%

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

• 15-20%

• 20-35%

• 35-40%

• 45-55%