Personal Finance Courses: Housing

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1.
Owning a home is _______.
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None of the above.It depends on many factors, such as location and the state of the housing market.
2.
Tenants renting apartments are liable for _______.
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None of the above. Tenants do not pay any of these, though their landlords do pass some of the costs onto them indirectly through their rent.
3.
A person whose job it is to help people find an apartment to rent is called _______.
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A rental agent. Rental agents find apartments for people to rent.
4.
What kind of loan uses the equity in your home as collateral so that you can borrow money?
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Home equity loan. Your home equity is the difference between what you own (the current market value of your property) and what you still owe on the property. You can take out a loan against this amount, called a home equity loan.
5.
You must pay private mortgage insurance if your down payment on a home is less than _______.
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20%. If your down payment is less than 20% of the price of the home, you will have to pay for mortgage insurance. This insurance protects the lender (but not you) in case you fail to keep making payments on the home.