Spring Homebuying Season Quiz

August 22, 2019

Spring Homebuying Season Quiz

Your real estate agent likely will be the first person you'll meet from "your homebuying team." They play a very important role in finding a home that meets your needs and budget, and will be with you every step of the way during the homebuying process. What should you NOT expect from your real estate agent?

Handle negotiations with the seller, working to get you a fair price

Paint your guest bedroom for free

Answer your real-estate related questions

Help you find your ideal home at the right price

Provide helpful information about neighborhoods, shopping, local schools, tax rates and safety

Correct! Wrong!

How long does it take to buy a home? The timeline is different for every buyer. What is NOT a step in the homebuying timeline?

Find Your Team

Understand What You Can Afford

Finding Your Home

Adopt a puppy to fill your house with love

Financing Your Purchase

Make an Offer

Correct! Wrong!

In addition to principal and interest, your monthly mortgage payment may also include an payment and payment. What is NOT one of these extra payments?

Bear Patrol Tax - To fund a neighborhood watch that is on the lookout for bears, 24 hours a day, seven days a week, 52 weeks a year.

Escrow - If your lender set up an escrow account for your mortgage, each month you'll make an escrow payment to cover your property taxes and homeowners insurance.

Private Mortgage Insurance - If you made a down payment of less than 20%, PMI will be part of your monthly mortgage payment.

Correct! Wrong!

Buying a home is likely the largest purchase you'll ever make, so it's critical that you understand your financial obligations once you become a homeowner. What is NOT likely to be one of these financial obligations?

Wig expenses

The Unexpected

Home Maintenance

Remodeling expenses

Homeowners Association Fees

Correct! Wrong!

Many homebuyers put down less than 20%. In fact, the average down payment for first-time homebuyers in 2017 was % and % for repeat buyers, according to the National Association of REALTORS®.

10% and 5%

50% and 100%

5% and 10%

500% and 1000%

Correct! Wrong!

There are two main types of mortgages that have been serving homebuyers for decades. Each mortgage comes with its own set of features and benefits that should be carefully considered before choosing one. What are these two types?

Floating-rate mortgages and fixed-rate mortgages

Fixed–rate mortgages and adjustable–rate mortgage

Flying-rate mortgages and no-rate mortgages

Great-rate mortgages and late-rate mortgages

Correct! Wrong!

True or false: Your amortization schedule is an important table that details the amount of principal and interest that you will pay on your mortgage each month. This ultimately provides you with the true cost of your home over the life of the loan.

False

True

Correct! Wrong!

True or false: Discount points are points you can pay to your lender to buy down your mortgage interest rate. Buying points allows you to lock in a lower interest rate on your mortgage. A lower interest rate typically means you pay a lower mortgage payment.

True

False

Correct! Wrong!

One of the most important things you can do when looking to purchase a home is to...

shop around for the highest mortgage rate.

shop around for the most comfortable shoes.

shop around for the most competitive mortgage rate.

Correct! Wrong!

When preparing to purchase a home you'll likely hear the term "closing." Closing, often referred to as settlement, is the completion of the real estate transaction between you as the buyer and the seller. Who is NOT typically represented at the closing meeting:

Closing agent

You and any co-borrower

Your favorite uncle

The seller's real estate agent

Your real estate agent

Correct! Wrong!

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