Home Buying

Who is the person that will help you find homes?

• The Closing Attorney

• The Real Estate Agent

• The Loan Officer

• People selling their homes

Who gets money when you buy a home?

• Real Estate Agent

• Lender

• Closing Attorney

• All of these people

What is the FINAL step in buying a home?

• Preapproval

• Obtaining Financing

• Choosing a home

• Closing on the home

If you find something wrong after the inspection, you can...

• Not buy the house

• Ask the owner to fix the problem

• Ask the owner to lower the price

• All of these answers

What is the primary purpose of a home inspection?

• To assess the home's market value

• To identify potential issues with the property

• To determine the neighborhood's safety

• To finalize the mortgage agreement

Which document outlines the terms and conditions of a home loan?

• Deed

• Mortgage

• Lease

• Title

What is a common requirement for obtaining a mortgage?

• Having a high school diploma

• A good credit score

• Owning another property

• Being over 30 years old

What is the role of an appraiser in the home buying process?

• To negotiate the sale price

• To evaluate the home's value

• To conduct the home inspection

• To provide legal advice

Which of the following is a benefit of a fixed-rate mortgage?

• Interest rates can decrease over time

• Monthly payments remain the same

• It requires no down payment

• It is only available for first-time buyers

What is the purpose of a down payment in home buying?

• To cover closing costs

• To reduce the loan amount

• To pay for home insurance

• To pay the real estate agent