Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
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.
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.
3.
Your monthly mortgage payments will typically be limited to mortgage principal and interest, plus insurance.
False. Your monthly mortgage payments typically include mortgage principal and interest, insurance, and real estate taxes.
4.
_______ 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.
5.
All offers to purchase a home are accompanied by a(n) _______ deposit.
Earnest money. When you make an offer on a house, you must include a good faith deposit known as earnest money.