Personal Finance Courses: Housing

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1.
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.
2.
It is possible to negotiate the rent on an apartment.
Choose wisely. There is only one correct answer.
True. Though not all landlords do, some are open to negotiating if it will help them rent a unit.
3.
_______ are fees you pay to the lender in exchange for a reduced interest rate on a home.
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Points. Points are fees you pay to the lender in exchange for a reduced interest rate. A point is 1% of the mortgage amount.
4.
The current market value of your home, minus what you owe on it, is commonly known as your _________.
Choose wisely. There is only one correct answer.
Home equity. Your home equity is the difference between what you own (the current market value of your property) and what you owe on the property.
5.
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.