Personal Finance Courses: Housing

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1.
Which of the following is more likely to have predictable housing expenses?
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A renter. Renters do not get hit with unexpected expenses, as owners sometimes do.
2.
The proportion of your mortgage that goes to interest _______.
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Declines over time. Your mortgage payment consists of both principal and interest. The proportion that is interest starts out high and gradually declines over the life of the loan.
3.
Having a cosigner when you sign a lease on an apartment can be helpful if _______.
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You have bad credit or not enough credit history. Having a cosigner might make a landlord more willing to rent to you than if you did not.
4.
_______ are fees you pay to the lender in exchange for a reduced interest rate on a home.
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Points. Points are fees you pay to the lender in exchange for a reduced interest rate. A point is 1% of the mortgage amount.
5.
As a renter, you might find that you are responsible for shoveling snow or cutting the grass.
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True. Some leases require you to do some maintenance.