Buying a House

What is a mortgage?

• A loan borrowed to buy a house (if you don't pay the loan the bank takes your house)

• A loan borrowed with your house as collateral (if you don't pay the loan the bank takes your house)

• Both of these are true

Who will you NOT have to pay in the process of buying a house?

• A real estate agent (if you use one)

• A home inspector

• The home owners every time you visit the house

• A lawyer to complete the closing paperwork

A document that transfers ownership.

• Escrow

• Title

• Deed

• Easement

Paperwork kept with a third party until certain requirements are met.

• Escrow

• Title

• Deed

• Easement

When buying a house, _________ can be a factor in determining house prices.

• historical prices

• schools

• location

• all of the above

The common disadvantage of buying a home is

• fewer financial benefits

• limited mobility

• restrictions on decorating and having pets

• conditions in the lease

What is a down payment in the context of buying a house?

• A) The full price of the house paid upfront

• B) A percentage of the house price paid upfront

• C) A monthly payment for the house

• D) A fee paid to the real estate agent

Which of the following is a government-backed loan program for homebuyers?

• A) FHA loan

• B) Personal loan

• C) Credit card loan

• D) Payday loan

What is the purpose of a home inspection?

• A) To assess the value of the property

• B) To check for any structural or mechanical issues

• C) To negotiate the price of the house

• D) To finalize the mortgage agreement

What does the term 'closing costs' refer to?

• A) The final mortgage payment

• B) Fees and expenses paid when finalizing a real estate transaction

• C) The cost of moving into a new house

• D) The cost of home insurance