Test your Real Estate Knowledge: Quiz
Think you know real estate? Test your knowledge with this pop quiz!
Home equity is:
The balance on your mortgage
The amount other homes are selling for in your neighborhood
How much your home value has increased over time
The difference between your mortgage balance and what your home is worth
The first step a buyer should take when purchasing a home is:
Talk with a reputable lender to get pre-qualified and pre-approved
Ask friends and family for referrals to real estate professionals
Review your monthly budget and identify funds for a down payment
All of the above (yeah, I know, it’s really three steps a buyer should take!)
True or False? Unless I have a 20% down payment, I shouldn’t consider buying a house.
False. Depending on the type of loan, you can put down far less than 20%. FHA loans backed by the Federal Housing Administration require as little as 3.5% down. The average homeowner puts just 6% down!
Have other questions about real estate and want answers pronto? That’s why I’m here! Shoot me a DM, and I’ll get you the answers you need.