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14 Questions

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Renting or Buying a Home

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Questions and Answers

Which factor should be considered when deciding between buying a home or renting?

The number of bedrooms in the home

The color of the walls in the home

The location of the home

The price-to-rent ratio (correct)

What is one advantage of renting a home?

Flexibility to move around (correct)

Ability to upgrade and decorate

Monthly rent payments build equity

Stable and fixed housing expenses

What is one disadvantage of renting a home?

Responsibility for home repairs and maintenance

Stable and fixed housing expenses

Ability to upgrade and decorate

Monthly rent payments build your landlords’ equity (not yours) (correct)

Amelia wants to buy a home for $250,000. Her gross annual income is $50,000. The estimated mortgage payment would be $1,700 per month. Amelia’s other monthly expenses are: Credit card payment - $300, Student loan payment - $700, Car loan payment - $550. What is her debt-to-income ratio?

78% Signup and view all the answers

What is the average down payment for a home in the nation right now?

10% Signup and view all the answers

What is private mortgage insurance (PMI)?

Extra payment embedded within the mortgage that you must pay if you put down less than 20% as a down payment on a house Signup and view all the answers

Why should the age of a house be an important consideration for homebuyers?

Older homes typically require more maintenance and replacement of worn-out components Signup and view all the answers

Which of the following factors should be considered when deciding between buying a home or renting?

The cost of living in the area Signup and view all the answers

What is the formula to calculate the debt-to-income ratio?

Debt-to-income ratio = (Annual income) / (Monthly debt payments) Signup and view all the answers

What is the Price-to-Rent ratio used for?

To decide between buying a home or renting Signup and view all the answers

Which of the following is NOT an advantage of home ownership?

Monthly housing payments can be higher Signup and view all the answers

What is the recommended down payment for buying a home?

20% down Signup and view all the answers

Which of the following is NOT a potential cost of home ownership?

Repairs/Updates Signup and view all the answers

Which of the following is a component of a house that typically requires replacement after 10 to 15 years?

Faucets Signup and view all the answers