Real Estate and Mortgages - Chapter 12

Question 1

Baby Step 6

-Pay off your home _____.

Answer 1

Early

Question 2

When selling a home, you should think like a _____.

Answer 2

Retailer

Question 3

Home ownership is a great investment for three main reasons.

1. ) It’s a _____ savings plan
2. ) It’s an _____ hedge.
3. ) It grows virtually _____.

Answer 3

Forced - Inflation - Tax-free

Question 4

Homes appreciate in good neighborhoods and are priced based on three things: _____, _____, ______.

Answer 4

Location - Location - Location

Question 5

What Not To Buy

1. ) _____ or _____
2. ) _____

Answer 5

Trailers - Mobile Homes

TimeShares

Question 6

First remember to _____ debt.

Answer 6

Hate

Question 7

The best mortgages are the _____ down plan.

Answer 7

100%

Question 8

There is nothing wrong with _____ for a little while. This demonstrates _____ and wisdom.

Answer 8

Renting - Patience

Question 9

Horrible Mortgage Options

1. ) _____ were brought on with the advent of high-interest rates in the early 1980’s.
2. ) _____ Mortgages
3. ) _____, or Bi-Weekly Payoff

Answer 9

Adjustable Rate Mortgages
Reverse
Accelerated

Question 10

Basic Ways to Finance a Home

1. ) _____, usually through FNMA and privately insured against default.
2. ) _____, which is insured by HUD–the federal government
3. ) _____, which is insured by the Veterans Administrations.
4. ) _____ financing is when you pay the owner over time, making him/her the mortgage holder.

Answer 10

Conventional
FHA
VA
Owner