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.
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.
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.
Which of the following is more likely to have predictable housing expenses?
Choose wisely. There is only one correct answer.
A renter. Renters do not get hit with unexpected expenses, as owners sometimes do.
4.
As a rule of thumb, a mortgage payment shouldn't exceed how much of your monthly gross income?
Choose wisely. There is only one correct answer.
30%. The rule of thumb for monthly payments is that they shouldn't exceed 30 percent of your monthly gross income.
5.
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.