Choose wisely. There is only one correct answer to each question.
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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.
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.
3.
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.
4.
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.
5.
_______ 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.