True or False:
1. It's okay on your mortgage
loan application to have several credit cards with high balances, as long as you've
been paying them off on time.
Being late by 30 days on your bills could seriously affect your chances of qualifying
for a home mortgage loan.
Mortgage interest payments are not tax deductible.
Homeowner insurance and private mortgage insurance are not tax deductible.
5. Generally speaking, you should plan to stay in your home
for at least __ year(s) if you plan to buy it:
a. One year
b. Two yearsc. Three
6. The advantages of owning a home are:
Ability to get loans using the home's value as collateralb. Ability to deduct property tax payments. c. Sense of home and communityd. All of the above
7. Trade-offs of owning a home are:
More expensive than rentingb. Cost and time of upkeep
c. Greater financial riskd. Mandatory assessments for street parking
8. Items in the monthly
Loan principal and interestb. Homeowners insurance
c. Property taxd. All of the above
9. Mortgage lenders consider which of the following
in determining your eligibility for a home mortgage loan:
a. Your job's history, income and stability b.
Your payment history on your other loansc. Savings for the down payment d. The quality of neighborhood where you currently live
whether or not to buy a home is a matter of which of the following:
Being ready financiallyb. Being ready for the responsibility
c. Understanding the benefits and risksd.
All of the above
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