Personal Finance Courses: Housing

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1.
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.
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.
As a renter, you might find that you are responsible for shoveling snow or cutting the grass.
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True. Some leases require you to do some maintenance.
4.
Renting a home is _______ cheaper than owning a home.
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Often. Often, renting is cheaper. But sometimes, it is more expensive. It depends on a lot of factors.
5.
An amount paid to secure a price agreement is called _______.
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Earnest money. To secure the agreed price, the buyer is expected to give earnest money to the seller to secure the agreement.