Personal Finance Courses: Housing

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1.
You must pay private mortgage insurance if your down payment on a home is less than _______.
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20%. If your down payment is less than 20% of the price of the home, you will have to pay for mortgage insurance. This insurance protects the lender (but not you) in case you fail to keep making payments on the home.
2.
Renter's insurance exists to protect whose belongings?
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The renter's. Renters buy insurance to protect themselves from the financial effects of losing their belongings.
3.
Owning a home is _______.
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None of the above.It depends on many factors, such as location and the state of the housing market.
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.
As a renter, you might find that you are responsible for shoveling snow or cutting the grass.
Choose wisely. There is only one correct answer.
True. Some leases require you to do some maintenance.