Do you think you are a whiz when it comes to the housing market? Take our quiz to find out!
Spring is just around the corner! This means that “For Sale” signs will be popping up left and right. If you are in the market to buy your first home, it is important to be educated on the home-buying process. The more you know, the more money, time and stress you will save. To find out if you are prepared to buy a house, take our quiz!
- What matters more for a mortgage: being prequalified or preapproved?
- Prequalified
- Preapproved
- You can’t use a buyer’s agent when buying a home “For Sale By Owner”.
- True
- False
- What percentage of the purchase price should you expect to pay for closing costs?
- 1%
- 3% to 6%
- 10%
- The title insurance you have to buy to get your own is for your own protection.
- True
- False
- If you take money from your Roth IRA to purchase your home, you must pay it back before retirement.
- True
- False
- Even when rates are rising, an adjustable-rate mortgage can still be a good deal for some people.
- True
- False
- How much will a home inspection usually cost you?
- $75-$100
- $300-$400
- $800-$1,000
- Who needs private mortgage insurance?
- Buyers with a down payment less than 20%
- Buyers with a down payment more than 20%
- It’s mandatory for all buyers
- If you are buying a condo and the realtor tells you that two other units in the same building sold for $200,000 and $225,000, what should your offer be?
- You need more information
- $185,000
- $200,000
- $212,500
- When you file your federal taxes, what costs can you deduct from your income as a new homeowner?
- Mortgage interest
- Property taxes
- Points paid at settlement
- All of the above
How did you do? Even if you didn’t fair very well on the quiz, we hope that you have learned more about the process of buying a home so you feel confident moving forward!
Milledgeville State Bank wants to help you make your home-owning dreams come true. Talk with one of our lenders about finding the right mortgage for you today!