How Much Do You Know About Buying A Home In Today's Market?

7 Questions | Total Attempts: 14

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How Much Do You Know About Buying A Home In Today

Quiz Sponsored by The Kingsley Team at Beach One Realty


Questions and Answers
  • 1. 
    Have any home buying questions you'd like us to help you with?
  • 2. 
    If you need a mortgage to purchase, talking with a lender is a very important step before looking at home.
    • A. 

      True – Pre-approval on a mortgage provides information you need to find a dream home that falls within your budget. In addition, most sellers will not accept an offer not accompanied by a pre-approval letter. So, not having one in advance could cost you valuable time, and possibly your dream home.

    • B. 

      False – Pre-approval, shmee-a-pooval

  • 3. 
     What is the minimal credit score required for a mortgage when buying a primary residence?
    • A. 

      At least 700 – the closer to perfect, the better

    • B. 

      At least 320

    • C. 

      At least 540

    • D. 

      At least 600 

  • 4. 
    No bank will provide a mortgage for a manufactured home.
    • A. 

      True – Manufactured homes do not qualify for mortgages, because they can be moved and therefore are considered too risky for all banks.

    • B. 

      False – As long as the manufactured home is being purchased WITH LAND, and meets certain other criteria, there are some banks that will finance a manufactured home purchase.

  • 5. 
    What is typically the minimal amount of down payment required on a primary use residential home?
    • A. 

      20% or more

    • B. 

      10 to 15%

    • C. 

      3 to 5%

  • 6. 
    What is typically the lowest purchase price a bank will finance through a mortgage?
    • A. 

      $100,000

    • B. 

      $50,000

    • C. 

      $20,000

    • D. 

      There is no set dollar amount

  • 7. 
    Using a REALTOR is typically free for a buyer, so there is really no reason not to hire one.
    • A. 

      True!! In our marker, and in most, there REALTOR commission for both buyer and listing agent is typically covered in full by the seller. So, as a buyer you should take advantage of this great benefit by hiring an agent that will work for you and with your interests in mind.

    • B. 

      False – Seller pays commission for the listing agent, and a buyer pays commission for the buyer agent.

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