home buying

Who covers maintenance issues when you rent?

• You

• The landlord

• Your roommate

• The person who built the house

Why did the government create Fannie Mae?

• To increase taxes on homeowners.
• To reduce the number of available homes.
• To limit access to mortgage loans.
• To reform the housing market into something more affordable

Being foreclosed on means being evicted or kicked out.

• True
• False

What is the official name of Fannie Mae?

• Federal Home Loan Mortgage Corporation
• Federal National Mortgage Association (FNMA)
• National Mortgage Association
• Federal Housing Finance Agency

What are mortgage backed securities?

• Loans provided by banks to individuals
• Investment products based on stocks
• Mortgage backed securities are government bonds, the value of which are "backed" by interest payments on mortgages.

• Real estate properties owned by investors

What are the types of mortgages?

• Balloon mortgages, Car mortgages

• Hybrid mortgages, Paint Mortgages

• Subprime mortgages, Cerbral Mortgage

• Fixed-rate, adjustable-rate, interest-only, FHA, VA

What are the steps to buying a home?

• The steps to buying a home include getting a loan from the bank, finding a house, home inspection, and signing the paperwork.

• Only looking at new constructions and buying manuals on home renovations

• Skipping the inspection process
• Choosing a mortgage lender first

Things to consider before buying

• Checking Credit

• Determine what you can afford

• Possible Lenders

• Knowing rights

• None of the above

What does the Fair Housing Act prohibt against?

• Race or Color

• National Origin

• Religion

• Gender

• Disability

What are things to look out for in Predatory Lending?

• No credit check required
• Low interest rates
• Look out for high interest rates, hidden fees, deceptive sales tactics, and lack of information in loan terms.

• Flexible repayment plans