Are You A Smart Home Buyer?

6 Questions

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Are You A Smart Home Buyer? - Quiz

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Questions and Answers
  • 1. 
    Initially what is important for getting a Mortgage
    • A. 

      Prequalified

    • B. 

      Preapproved

  • 2. 
    I can get a home without having a social security number?
    • A. 

      Yes 

    • B. 

      No

  • 3. 
    20% down payment on the purchasing price of a house is required before closing
    • A. 

      True

    • B. 

      False

  • 4. 
    Adjustable Rate Mortgage is better than a Fixed Rate Mortgage?
    • A. 

      True 

    • B. 

      False

  • 5. 
    What is the typical cost of a home inspection?
    • A. 

      75-150

    • B. 

      200-400

    • C. 

      500-1000

  • 6. 
    Who is required to have Private Mortgage Insurance?
    • A. 

      Its Mandatory for all borrowers 

    • B. 

      Buyers with a Down Payment more than 20%

    • C. 

      Its optional for home buyers 

    • D. 

      Buyers with down payment less than 20%

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