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Personal Finance Courses: Housing

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1.
Mortgage insurance protects your home and its contents.
Choose wisely. There is only one correct answer.
False. Homeowner insurance is what protects your home and its contents. Mortgage insurance protects the lender who loaned you the money to buy the home in case you default on your payments.
2.
You must pay private mortgage insurance if your down payment on a home is less than _______.
Choose wisely. There is only one correct answer.
20%. If your down payment is less than 20% of the price of the home, you will have to pay for mortgage insurance. This insurance protects the lender (but not you) in case you fail to keep making payments on the home.
3.
As a renter, you might find that you are responsible for shoveling snow or cutting the grass.
Choose wisely. There is only one correct answer.
True. Some leases require you to do some maintenance.
4.
Owning a home is _______.
Choose wisely. There is only one correct answer.
None of the above.It depends on many factors, such as location and the state of the housing market.
5.
A down payment on a home could cost as much as _______ of the actual price of the home.
Choose wisely. There is only one correct answer.
20%. This is generally the upper limit of a down payment.