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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 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.
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.
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.
5.
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.