Which matters more: being prequalified for a mortgage or preapproved?

Pre-qualified
Pre-approaved

Correct!

Wrong!

When buying a home "For Sale By Owner," you can't use a buyer's agent.


True
False

Correct!

Wrong!

How much should you expect to pay for closing costs?

1% of purchase price
3% to 6% of purchase price

Correct!

Wrong!

The title insurance you're required to buy in order to get your loan is for your own protection.

True
False

Correct!

Wrong!

If you draw any money from your Roth IRA to buy your first home, you have to pay it back before retirement.

True
False

Correct!

Wrong!

You find a condo you like. Your realtor tells you two other units in the building sold for $200,000 and $225,000. What should you offer?

$185,000
$200,000
$212,000

Correct!

Wrong!

As a new homeowner, what costs can you deduct from income when you file your federal taxes?

Mortgage Interest
Property Taxes
Points Paid at Settlement
PMI
All except PMI

Correct!

Wrong!

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