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1.
If you take out a loan from your employer's 401(k) plan, who sets the loan fees for it?
Your employer. Your employer sets this condition, along with certain others.
2.
In order for you to handle a private mortgage as a bank would, what documents must be prepared?
A promissory note and a mortgage or "deed of trust". A repayment schedule is not required, but is certainly a good idea.
3.
Which form of seller financing refers to a buyer making payments on a home and then receiving title to the home only when the home is finally paid off?
Land contract. In a land contract, the buyer has equitable title, but not full title.
4.
First-time homebuyers need not worry about having a bad credit score in order to benefit from a first-time homebuyer program.
False. A common requirement is that you keep a good credit score. The purpose of this is to ensure that you are not too much of a risk to the lender.
5.
Government loans for home-buyers are available at which levels of government?
All of the above. Government loans are available at all levels, though not in every city.