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1.
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.
2.
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.
3.
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.
4.
A bad debt will hit your FICO score harder if it is _______.
Recently incurred. The FICO score weighs recent history more heavily than the past, so any recent credit delinquencies will impact your score more heavily than older bad debts.
5.
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.