Module 10-14 Review

Credit score can affect your mortgage rate.

Liability is something you owe others, usually money  

Keeping accurate records is an important part of making sure insurance adequately covers your risks.

True or false: You need a down payment to buy a home.

What is a closing cost?

The balance on your card goes up when you make purchases. The balance on your card goes down when you make payments.

Financial literacy is all about understanding how money works.

What is a home inspection?

Equity always stays the same.

Net worth is not a measure of someone’s financial wealth.

Which is a common mistake when buying a home?

What is the purpose of a real estate agent?

Homeowners insurance is not required.

Assets help you build wealth. The more valuable stuff you have, the more "wealthy" you are.

Equity could go down, up or stay the same.

What is the benefit of a fixed-rate mortgage?

True or false: You can buy a home without a realtor.

Identity theft can cause a lot of problems.

The purpose of a down payment is to lower the loan amount.

A car is a physical asset, but it can also be a productive asset if it can help you get other assets.

Not paying your bills on time can lead to a bad credit history, making it harder to borrow money in the future

Some things you can do regularly to help keep your personal information safe.

Only paying the minimum payment means you'll pay a lot more in interest over time.

Sometimes, people give away too much information online, like on social media. This can make it easy for scammers.

What is the first step in buying a home?