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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. A fixed-rate mortgage is harder to budget for than an adjustable rate mortgage.
2. A title search fee is paid to an attorney or title company for searching ownership records to make sure the person selling you the property really owns it.
3. The first step at the car dealership is to negotiate the best price that you can on the car that you need.
4. Smart buying means enjoying the highest standard of living that you can based on your income and budget.
5. It's advisable to always take the biggest loan that a lender will give you.
6. Private mortgage insurance is designed to protect the
7. What is not a benefit normally associated with home ownership?
8. Name the items that are deposited in an escrow account.
9. 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
10. Most home owners have complete autonomy to remodel their dwelling to suit their own needs and tastes.
11. The monthly payments on a 36-month lease on a car will often be smaller than the monthly payments on a 36-month loan to purchase the car.
12. Subprime mortgages are illegal.
13. Most predatory lenders offer prepayment privileges with their mortgages.
14. Thomas took a new job in Iowa- He is buying his first home- He has qualified for an APR of 4.6%- He plans on making payments for the next 20 years- He anticipates that he can afford a payment of $550.00- How much of a mortgage will Thomas qualify for?
15. The safest place to get a mortgage is at your bank, credit union, or savings and loan institution.
16. Bob and Marilyn Hartin know the bank will carefully evaluate their situation before lending them the money for the mortgage for their new home- Which is not a consideration?
17. It's best to have an ARM with the longest adjustment interval available.
18. You have just obtained a mortgage to purchase your home- The ________ that you paid to obtain the loan are charges that must be paid at the time of the sale and serve to raise the effective cost of the loan.
19. Being able to move with minimum inconvenience is an appealing aspect of buying a home.
20. Your ARM has a two year adjustment interval, 4% margin, 2% periodic rate cap and a 6% lifetime cap- This year the market interest index increased by 2.75%- What will happen to your APR on this loan?
21. Jessica is buying her first new home- The home has been appraised at $330,000- For Jessica to not have to pay private mortgage insurance she must come up with a down payment of
22. You are considering obtaining a mortgage of $220,000- A lower APR is available, but you must pay 2 points to buy the rate down- How much must you pay in dollars?
23. The Internet can help you research neighborhoods and find a community in which you'd like to live.
24. How does a consumer avoid predatory lending?
25. Buying a home generally isn't desirable if you don't intend to stay in it for more than two or three years.

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