Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
1.
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.
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.
A FICO score of 750 is considered by lenders to be a good score.
True. FICO scores above 670 are viewed as strong scores, while those below 600 are viewed poorly and result in poor credit terms.
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.
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.