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.
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.
3.
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.
4.
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.
5.
_______ 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.