Welcome to Homebuyer.com

What is the third step on the path to homeownership?

1. Calculating What You Can Afford
2. Shopping for Your Mortgage Loan
3. Getting Pre-Approved for Your Mortgage
4. Shopping for Your New Home

Homeownership is the most reliable way to build generational wealth.

1. True
2. False

What is the most important factor for your credit score?

1. Amount You Owe
2. Payment History
3. New Credit
4. Length of Credit History
5. Variety of Credit

What are the two types of credit tradelines?

1. Credit Card and Installment
2. Revolving and Mortgage Loan
3. Personal Loan and Business Loan
4. Revolving and Installment

What is a short-term way to improve your credit?

1. Pay Your Bills On-Time
2. Check Your Credit Report for Errors
3. Open a Credit Builder Account
4. Become an Authorized User

When calculating your budget, what income number should you use?

1. Pre-Tax Income (Gross)
2. Post-Tax Income (Net)

When approving you for a mortgage, what income number does the lender use?

1. Pre-Tax Income (Gross)
2. Post-Tax Income (Net)

What is the minimum down payment for a Conventional loan?

1. 0%
2. 3%
3. 3.5%
4. 20%

Which of the following is a utility payment that homeowners do not need to pay?

1. Gas
2. Electricity
3. Water
4. Trash
5. Homeowners pay for all of these

Where can you find out what your property taxes will be?

1. County Property Tax Website
2. Your Lender Tells You
3. Google Search the Zip Code and the Term ‘Property Tax’

The maximum monthly payment you’re approved for will always fit within your budget.

1. True
2. False

Getting a mortgage pre-approval is necessary prior to submitting an offer on a house.

1. True
2. False

Home sellers often accept offers from buyers who are not pre-approved for a mortgage.

1. True
2. False

How long is your mortgage pre-approval good for, before it needs to be refreshed?

1. 30 Days
2. 60 Days
3. 90 Days
4. 120 Days

What is the most common type of home?

1. Single Family Residence
2. Condo
3. Townhome
4. Multi-Unit Property

What should you consider when shopping for a new home?

1. Number of Bedrooms
2. Number of Bathrooms
3. Traffic and Parking
4. Storage
5. All of the Above

Which of the following is not covered under a Homeowner’s Insurance policy?

1. Damage to Personal Property
2. Theft of Personal Property
3. Damage Caused by Floods
4. Injuries That Happen on the Property

Which type of home offers more equity building potential?

1. Move-In-Ready
2. Fixer-Upper

Is Dual Agency good for a home buyer?

1. Yes
2. No

Which of the following is not a common contingency found on a purchase offer?

1. Appraisal Contingency
2. Closing Cost Contingency
3. Financing Contingency
4. Home Inspection Contingency

If agreed upon, the seller is allowed to pay the buyers closing costs.

1. True
2. False

Who is the best person to help you negotiate your purchase agreement?

1. Mortgage Expert
2. Trusted Family Members
3. Home Inspector
4. Real Estate Agent

What type of mortgage loan is the industry standard, and most commonly used among first-time buyers?

1. Conventional
2. FHA
3. VA
4. USDA

What is the most popular loan term and interest rate type?

1. 15 Year Fixed Rate
2. 15 Year Adjustable Rate
3. 30 Year Fixed Rate
4. 30 Year Adjustable Rate

Mortgage Insurance protects _______ and is an incredible tool that allows lower down payment requirements.

1. the buyer
2. the lender

You should get a professional home inspection prior to closing.

1. True
2. False

A home appraisal and a home inspection are very similar.

1. True
2. False

What is a good reason to re-negotiate your purchase agreement?

1. You changed your mind about the neighborhood
2. You decided the kitchen would need a remodel
3. The appraised value came in lower than expected

The faster you complete your mortgage checklist, the faster the lender can get your loan to final approval.

1. True
2. False

What is one important thing you must do after your mortgage is approved?

1. Start buying things for the new house
2. Get your homeowner’s insurance policy
3. Make the rest of your moving arrangements
4. Get a change of address form from the post office

You should always do a final walkthrough with your real estate agent prior to closing.

1. True
2. False