Personal Finance Courses: Housing

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1.
A person whose job it is to help people find an apartment to rent is called _______.
Choose wisely. There is only one correct answer.
A rental agent. Rental agents find apartments for people to rent.
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.
Mortgage insurance protects your home and its contents.
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False. Homeowner insurance is what protects your home and its contents. Mortgage insurance protects the lender who loaned you the money to buy the home in case you default on your payments.
4.
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.
5.
_______ are fees you pay to the lender in exchange for a reduced interest rate on a home.
Choose wisely. There is only one correct answer.
Points. Points are fees you pay to the lender in exchange for a reduced interest rate. A point is 1% of the mortgage amount.