Quiz

Buying a Home • Mercer County, WV

10 questions • Complete the quiz to finish this module.

Question 11 / 10

What should you do before looking at homes with a real estate agent?

A. Talk to your friends and ask them if they can help you pay for the houseB. Get pre-approved for a mortgage at your current bank or another lenderC. Drive around looking at homes that remind you of your childhood homeD. Make an offer on a home you like

Question 22 / 10

Which type of loan needs a lower down payment and is backed by the government?

A. Conventional loanB. USDA loanC. FHA loanD. VA loan

Question 33 / 10

What does debt-to-income ratio measure?

A. How much you have in the bank compared to what you've ever owedB. Your monthly debts divided by your monthly incomeC. How much you earn each yearD. How many credit cards you have

Question 44 / 10

Why is a home inspection important?

A. It is required by lawB. It looks good to the sellerC. It finds hidden problems with the house before you buyD. It determines the mortgage interest rate

Question 55 / 10

What are closing costs?

A. The price of the houseB. Insurance on the houseC. Fees paid when the sale is completedD. The down payment

Question 66 / 10

What is a down payment help program?

A. A type of mortgageB. A state or local program that gives money to help with down payment and closing costsC. A way to borrow money with high interestD. A requirement to buy a home

Question 77 / 10

What is escrow?

A. A type of houseB. A neutral account that holds money during the home saleC. The monthly mortgage paymentD. A real estate company

Question 88 / 10

What does building equity mean?

A. Paying off your mortgage while your home value growsB. Paying property taxes on timeC. Having home insuranceD. Choosing a good neighborhood

Question 99 / 10

What is a sign of a bad lender?

A. They explain everything clearlyB. They ask for your credit scoreC. They pressure you to sign documents fast without time to read themD. They offer competitive interest rates

Question 1010 / 10

What does home insurance protect?

A. Protects against damage from weather and other incidentsB. Protects you if someone else claims they own your homeC. Covers the cost of cosmetic home repairs you want to makeD. Protects your ability to borrow money for a different loan