Personal Finance Courses: Housing

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1.
A person whose job it is to help people find an apartment to rent is called _______.
Choose wisely. There is only one correct answer.
A rental agent. Rental agents find apartments for people to rent.
2.
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.
3.
Which of the following is more likely to have predictable housing expenses?
Choose wisely. There is only one correct answer.
A renter. Renters do not get hit with unexpected expenses, as owners sometimes do.
4.
As a rule of thumb, a mortgage payment shouldn't exceed how much of your monthly gross income?
Choose wisely. There is only one correct answer.
30%. The rule of thumb for monthly payments is that they shouldn't exceed 30 percent of your monthly gross income.
5.
Why does having a cosigner on an apartment lease make a landlord more willing to rent to you than if you didn't?
Choose wisely. There is only one correct answer.
The cosigner is liable for the rent if you default on it. The cosigner is like an insurance policy on the rent.