(Note: I did my assignment with these answers but 4 ofthem is wrong and 6 are right. Please tell me which answer is wrongand what's the right answer for them)
1-One of the most important features of a filing andrecord keeping system is that it works for you and meets yourneeds.
(True)
2-Which one of these is the best way to preventforeclosure?
Save at least 1% of your home’s purchase price annually
(ANSWER)-Refinance as soon as possible
Use a budget to live within your means and build savings
Never accept an adjustable-rate mortgage
3-Choose the best scenario for refinancing.
(ANSWER)-You have a current mortgage at 5% andhave been approved for a new mortgage at 3.75%. You’ll break evenon the closing costs in two years, and you don’t plan to move forat least five.
You intend to move in about nine months, but you have beenapproved for a mortgage with an interest rate two whole pointslower than your current rate.
4-A home equity loan can be risky because the lender canforeclose if you don’t make your payments.
(TRUE)
5-The best way to protect your family from carbonmonoxide poisoning is to install a whole-house air ventilationsystem.
(FALSE)
6-What should you do if you start having a hard timepaying your mortgage? Select all that apply.
Use your credit cards for everything so you can meet yourpayment
Notify your mortgage servicer
Contact a Homeownership Advisor
Wait a few months and see if things turn around
Cut other expenses where you can
7-How much should you save each year for maintenance onyour home?
$500
Whatever your home inspector recommends
7% of your gross income
(ANSWER) At least 1% of the purchase price
8-One of the advantages of a home equity loanis that you can borrow money any time, up to the approvedamount.
(ANSWER) (TRUE)
9-Which of these is not a responsibility ofhomeownership?
(ANSWER)Being a courteous neighbor
Getting appraisals done annually
Keeping your home properly insured
Keeping your home safe and secure
Regular home maintenance
10-In which scenario do most homeowners use the equityin their home?
(ANSWER)To pay off student loans
When they have children
When they sell it to buy a new one
When they’re threatened with foreclosure
