Choose wisely. There is only one correct answer to each question.
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1.
One factor weighed heavily within your FICO score is _______.
Your payment history. FICO scores are primarily based on how you have used credit in the past, and payment history is one of the most important indicators of whether you will pay loans back in the future.
2.
_______ is when a realtor nudges you in the direction of higher-priced homes.
Up-selling. Since a realtor's commission is based on the sale price of the home, they don't have anything to lose by showing you and urging you to buy a higher-priced home that you can't really afford.
3.
If you make a written purchase offer on a house that is accepted by the seller, you can change your mind later and back out.
False. A written purchase offer on a house is a binding contract, and once the seller has accepted your offer, you can't change your mind unless you are exercising a contingency set forth in that contract.
4.
If you don't hire a realtor to help buy a house, you can do without a real estate attorney as well to keep your costs down.
False. Regardless of whether you hire a realtor, having a real estate attorney go over the contract and look after the legal details can save you a lot of money.
5.
Your monthly mortgage payments should not exceed _______ percent of your gross monthly income.
25 to 30 percent. Lenders' guidelines require that your mortgage payment not exceed 25 to 30 percent of your gross monthly income.