Personal Finance Courses: Housing

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1.
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.
2.
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.
3.
When you make a mortgage payment, all of it goes toward interest.
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False. It's a mix of both, though the proportion that is interest declines over the life of the loan.
4.
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.
5.
_______ 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.