Check Your Quiz Answers Here!

1. Define the term: equity

The value of your home minus the total amount of liens against your home.

2. What can a home buyer expect for their closing costs?

Depending on your financing, there will be fees associated with your loan, title examination, insurance, and other prepaid items such as escrow deposits for taxes and insurance. I’m happy to connect you with a qualified lender to determine how much you can expect to pay!

3. What determines the amount of down payment needed to finance a home?

Credit score, credit history, current income, and current savings. (Ask me about the common myth of needing 20% for a down payment! There are many options beyond the traditional mortgage.)

 

 

Sources:  FTC.gov , US News

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