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1.
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.
2.
Wealthy first-time homebuyers might be ineligible for first-time homebuyer programs.
True. Many such programs require that you earn less than a certain amount of money.
3.
One advantage of seller financing for a home is that the interest rate can be negotiated.
True. The interest rate as well as other features can be negotiated between the two parties.
4.
One advantage of having a home loan guaranteed by the Veterans Administration or Federal Housing Administration is that the down payment may be waived or reduced.
True. This is an advantage of these guarantees.
5.
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.