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Personal Finance: Home & Automobile Buying Decision
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The three main similarities between mortgages and car loans are that both are: Installment loans. Types of secured loan. Have a fixed payment period

Personal Finance: Home & Automobile Buying Decision
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25 Questions

1. Stretching a car loan from 48 months to 60 months means the car will end up resulting in a smaller monthly payment.
2. Kathy is buying her first home- She is financing a total of $185,000 at an APR of 5% for 25 years. How much are her monthly payments?
3. How much would the monthly payment be on a mortgage of $250,000 for 30 years at a rate of 6.0%?
4. If you are considering purchasing a used car you should
5. You are in the process of purchasing a new home- Expenses that the buyer and seller incur when finalizing the transfer of the ownership of the house are called
6. You are a newlywed, and you and your spouse have just found your dream home- Problem is, you do not have 20% for a down payment on the house- You will probably need to obtain
7. ________ is a publication that provides unbiased ratings and recommendations for a host of products and services
8. The Internet can help you research neighborhoods and find a community in which you'd like to live.
9. A fixed-rate mortgage is harder to budget for than an adjustable rate mortgage.
10. An appraisal is an estimate of what your home and property are worth.
11. If you are the type of person who wants complete control over the style and decoration of your home, then a condominium or cooperative would be an appropriate housing decision for you.
12. Over the past decade, the number of new car sales are down and the number of new car leases are up- What is probably the main reason why this is true?
13. Sandra Smith wants to know the purpose of a title search- What would you tell her?
14. When making a smart purchase you don't need to consider such charges as delivery fees, installation fees or service costs as these are already included in the purchase price.
15. Evaluating whether you need or simply want a sun roof is an example of using the smart buying steps.
16. The safest place to get a mortgage is at your bank, credit union, or savings and loan institution.
17. A mortgage broker earns income based on fees or commissions on the loans they broker.
18. You, not your lender, should determine the amount you want to borrow for a mortgage.
19. Automobile leasing is actually just a long-term rental agreement with the lessor.
20. An assessment is a voluntary contribution by the condominium owners.
21. Private mortgage insurance protects the lender in the event that the borrower is unable to make the mortgage payments.
22. Which of the following factors plays a role in determining the monthly lease payment of a car?
23. A condominium is a good choice of housing for someone seeking an affordable, low-maintenance situation with some shared amenities.
24. Most predatory lenders offer prepayment privileges with their mortgages.
25. A co-op is an apartment building owned by a corporation where residents of the building are stock holders- When you buy into a co-op, you buy shares that reflect the dollar value of your space- The larger and more desirable the space you want requires purchase of more shares.

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