Test your Real Estate Knowledge: Quiz

Think you know real estate? Test your knowledge with this pop quiz!⁣
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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⁣
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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!)⁣
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True or False? Unless I have a 20% down payment, I shouldn’t consider buying a house.⁣
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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!⁣
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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.⁣