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

Jay Gray
Quiz by Jay Gray, updated more than 1 year ago
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Description

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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Resource summary

Question 1

Question
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.
Answer
  • True
  • False

Question 2

Question
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.
Answer
  • True
  • False

Question 3

Question
Taking a fixed-rate mortgage is always the best way to finance a home purchase.
Answer
  • True
  • False

Question 4

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

Question 5

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

Question 6

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

Question 7

Question
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.
Answer
  • True
  • False

Question 8

Question
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.
Answer
  • True
  • False

Question 9

Question
Getting the best interest rate is the most important consideration when choosing a mortgage loan.
Answer
  • True
  • False
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