3. The more credit cards I have the better my credit history will be. True or False?

4. False! However, do not close any credit card accounts. Just keep balances low or at zero, and pay on time.

6. Principle, Interest, Taxes, and Insurance. Your monthly housing expense.

7. True or False: By comparing how much you can afford per month with different loan terms (15 or 30 years) and interest rates, you can determine a range of “safe” monthly payments.

8. True!

10. D. Attempt to reduce your monthly expenses.

12. A. adhering rigidly to your objectives never making adjustments.

14. E. All of the above

16. E. All of the above

17. True of False: As a homeowner, it’s recommended to have up to six months’ living expenses in savings.

18. True

20. D. The monthly principle and interest payment are predictable and unchanging throughout the life of the loan.

21. True or False: if the seller does not agree to the contingencies on the Offer to Purchase, the buyer is still legally required to purchase the house.

22. False

24. D. All of the above

26. E. All of the above

28. E. The buyer

30. D. The water bill

32. B. To provide legal documentation transferring ownership of the property from the seller to the buyer.

34. A. Contact the lender

36. A. Normal wear and tear

37. True or False: Lenders insist that borrowers have homeowners insurance primarily to protect the value of your home in case it is damaged or destroyed.

38. True!

39. I hope you enjoyed the quiz! Let me know your results! David J DeCarlo [email_address]