How Much Do You Know About Buying A Home?
Are you ready to buy a home? You might think you know all you need to know, but what you don’t know might surprise you. According to a recent survey by NeighborWorks America, approximately 70% of adults say that the home buying process is complicated. We agree – that’s why homeownership education is vital to becoming an empowered and informed home buyer and owner.
Be smart about buying a home – take the quiz below and see what you know. If you’re ready to learn more, meet with a homeownership advisor near you or take our online homebuyer course.
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You’d be surprised at what you don’t know about buying a home.
Many people think they know all they need to about buying a home. Where do you fit?
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Think you’re ready for homebuyer education course?
Use our search to find a homeownership advisor near you, or register for our online homebuyer education course.
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Question 1 of 5
1. Question
What’s more important: a credit score above 680 or a 5% down payment?
Correct
A credit score above 680 is always the best bet.
Incorrect
A credit score above 680 is always the best bet.
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Question 2 of 5
2. Question
True or False: You should always get the mortgage product with the
lowest interest rate.Correct
Some interest rates allow you to borrow more and pay faster.
Incorrect
False! Some interest rates allow you to borrow more and pay faster.
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Question 3 of 5
3. Question
Who should attend homebuyer education courses?
Correct
Everyone can benefit from homebuyer education! Homebuyer education courses teach the ins and outs of homeownership and can find you perks to getting a down payment and buying a home.
Incorrect
All of the above. Everyone can benefit from homebuyer education! Homebuyer education courses teach the ins and outs of homeownership and can find you perks to getting a down payment and buying a home.
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Question 4 of 5
4. Question
Below are essential members of a homeownership team. Which two do not belong?
Correct
A police officer and contractor are not essential elements of a homeownership team.
Incorrect
A police officer and contractor are not essential elements of a homeownership team.
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Question 5 of 5
5. Question
How much money do you need for a down payment on a $100,000 house?
Correct
Your down payment should be 3%-5% of the household value.
Incorrect
$3,000-$5,000. Your down payment should be 3%-5% of the household value.