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1.
How much of your gross monthly income should your total debt load take up at the most?
40 percent. All of your loans, including mortgage, car, student, credit card, etc., shouldn't add up to more than 40 percent of your gross monthly income.
2.
The point at which ownership of a house passes from seller to buyer is known as _______.
The closing. Until all outstanding issues are resolved at the closing, the house still belongs to the seller, not the buyer. At closing, the buyer takes possession of the house from the seller.
3.
One way to save money when buying a house on your own is to look for _______ homes.
"For sale by owner". When a seller isn't using a realtor, the home's price will not include a realtor's commission, so it is likely to be lower than a home sold by a realtor.
4.
Sources of information about homes you might be interested in include _______.
The Internet. Numerous Websites on the Internet list homes in your area for sale, and include pictures, prices, and descriptions.
5.
A FICO score of 750 is considered by lenders to be a good score.
True. FICO scores above 700 are viewed as strong scores, while those below 600 are viewed poorly and result in poor credit terms.