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1.
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.
2.
When you work with a Realtor, he or she will come up with a list of potential homes for you to look at.
True. One of the most important jobs of a Realtor is to comb through home listings and come up with a list that fits your price range, needs, and lifestyle.
3.
When selecting a real estate agent, it is a good idea to _______.
Interview several agents before signing a contract. You want to know what types of homes the agent usually sells as well as what the commission rate is and what services are included.
4.
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.
5.
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.