Personal Finance Courses: Housing

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
_______ are fees you pay to the lender in exchange for a reduced interest rate on a home.
Choose wisely. There is only one correct answer.
Points. Points are fees you pay to the lender in exchange for a reduced interest rate. A point is 1% of the mortgage amount.
2.
Renting a home is _______ cheaper than owning a home.
Choose wisely. There is only one correct answer.
Often. Often, renting is cheaper. But sometimes, it is more expensive. It depends on a lot of factors.
3.
The proportion of your mortgage that goes to interest _______.
Choose wisely. There is only one correct answer.
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.
4.
A down payment on a home could cost as much as _______ of the actual price of the home.
Choose wisely. There is only one correct answer.
20%. This is generally the upper limit of a down payment.
5.
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.