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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.
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.
_______ 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.
4.
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.
5.
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.