Personal Finance Courses: Housing

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1.
Owning a home is _______.
Choose wisely. There is only one correct answer.
None of the above.It depends on many factors, such as location and the state of the housing market.
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.
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.
4.
Tenants renting apartments are liable for _______.
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None of the above. Tenants do not pay any of these, though their landlords do pass some of the costs onto them indirectly through their rent.
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.