Personal Finance Courses: Housing

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1.
The proportion of your mortgage that goes to interest _______.
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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.
2.
Whom does title insurance protect?
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You and your lender. Title insurance protects you and your lender in case you discover afterward that someone else could lay claim to the house.
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.
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.
5.
Renters must pay condominium fees.
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False. Owners of condominium units must pay those fees, though they may factor them into any rent they charge to renters.