Podcast
Questions and Answers
Which factor should be considered when deciding between buying a home or renting?
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?
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?
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?
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?
What is the average down payment for a home in the nation right now?
What is the average down payment for a home in the nation right now?
What is private mortgage insurance (PMI)?
What is private mortgage insurance (PMI)?
Why should the age of a house be an important consideration for homebuyers?
Why should the age of a house be an important consideration for homebuyers?
Which of the following factors should be considered when deciding between buying a home or renting?
Which of the following factors should be considered when deciding between buying a home or renting?
What is the formula to calculate the debt-to-income ratio?
What is the formula to calculate the debt-to-income ratio?
What is the Price-to-Rent ratio used for?
What is the Price-to-Rent ratio used for?
Which of the following is NOT an advantage of home ownership?
Which of the following is NOT an advantage of home ownership?
What is the recommended down payment for buying a home?
What is the recommended down payment for buying a home?
Which of the following is NOT a potential cost of home ownership?
Which of the following is NOT a potential cost of home ownership?
Which of the following is a component of a house that typically requires replacement after 10 to 15 years?
Which of the following is a component of a house that typically requires replacement after 10 to 15 years?
