Jay Gray
Quiz by , created more than 1 year ago

Ok, so you're eager to take advantage of today's housing market to buy your first home. Do you know as much as you think you do about the process? Take our "First-Time Buyer Quiz" to test yourself. Go ahead. There's always more to learn.

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Jay Gray
Created by Jay Gray about 7 years ago
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"Home Buyers Quiz" Are you informed to make a wise buying decision?

"Home Buyers Quiz" Are you informed to make a wise buying decision?

Question 1 of 9

1

I'll get better value by buying the least-expensive home in a sought-after neighborhood rather than the best home in a less-popular one.

Select one of the following:

  • True
  • False

Explanation

Question 2 of 9

1

If I hire a buyer's agent, I'll have to pay that agent's fee if he or she helps me buy a home.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 9

1

Taking a fixed-rate mortgage is always the best way to finance a home purchase.

Select one of the following:

  • True
  • False

Explanation

Question 4 of 9

1

I can take a tax deduction for mortgage loan points for my main home, even if they're paid by the seller.

Select one of the following:

  • True
  • False

Explanation

Question 5 of 9

1

Since I don't have kids, the quality of local schools are not important when choosing a neighborhood to live in.

Select one of the following:

  • True
  • False

Explanation

Question 6 of 9

1

I should make a final walk-through inspection of the home I'm purchasing the same day as settlement or closing, if possible.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 9

1

It makes sense to buy furnishings now for the home I'm in the process of purchasing, so I can move in and get settled fast, once the deal is closed.

Select one of the following:

  • True
  • False

Explanation

Question 8 of 9

1

The title insurance policy my lender insists that I buy will protect my interests should someone make a claim on my home down the road.

Select one of the following:

  • True
  • False

Explanation

Question 9 of 9

1

Getting the best interest rate is the most important consideration when choosing a mortgage loan.

Select one of the following:

  • True
  • False

Explanation

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