Steps to Buying a Home
Authored by Andrea Saunders
Life Skills
9th - 12th Grade
Used 1+ times
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10 questions
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1.
OPEN ENDED QUESTION
15 mins • 1 pt
In your own words, explain the difference between APPRECIATION and DEPRECIATION. (you can give examples!)
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2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Who do you meet with to discuss your finances before your buy a house?
Real Estate Agent
Lender
Credit Scorer
Insurance Agent
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
When you are borrowing money to buy a house, do you want a HIGH interest rate or a LOW interest rate?
HIGH
LOW
4.
OPEN ENDED QUESTION
15 mins • 1 pt
List 3 different documents you need for a mortgage.
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5.
OPEN ENDED QUESTION
15 mins • 1 pt
What is a "down payment"? How much should you save up for?
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6.
OPEN ENDED QUESTION
15 mins • 1 pt
Why is a "Fixed Interest Rate" better than an "Adjustable Interest Rate"?
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7.
OPEN ENDED QUESTION
15 mins • 1 pt
What does it mean if you have a "30 year mortgage"?
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