Personal Finance Courses: Housing

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

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1.
An advantage of _______ is that you can build equity.
Choose wisely. There is only one correct answer.
Owning a home. When you own a home, the money that you paid on it will be your equity.
2.
When you make a mortgage payment, all of it goes toward interest.
Choose wisely. There is only one correct answer.
False. It's a mix of both, though the proportion that is interest declines over the life of the loan.
3.
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.
4.
Renter's insurance exists to protect whose belongings?
Choose wisely. There is only one correct answer.
The renter's. Renters buy insurance to protect themselves from the financial effects of losing their belongings.
5.
_______ 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.