If the maximum loan-to-value ratio that a lender will accept on a $100,000 loan is 90 percent, then the borrower must make __________. (Points : 3)

closing costs plus points of $10,000 a minimum down payment including closing costs of $10,000 a minimum down payment of $10,000 plus closing costs a maximum down payment of $10,000 please n t

Question 2.2.__________ are an ongoing cost of home ownership. (Points : 3)

Closing costs Property taxes Sales taxes Down payments

Question 3.3.The first choice in housing in the United States is a __________. (Points : 3)

condominium cooperative apartment single-family home rental apartment

Question 4.4.For most homeowners, the most important financial reason for owning a home is __________. (Points : 3)

a tax shelter security for loans an inflation hedge a cash flow item

Question 5.5.Persons with very poor credit ratings can still get __________ credit cards. (Points : 3)

secured student prestige affinity

Question 6.6.All of the following are useful ways to build a strong credit rating except __________. (Points : 3)

Open checking and savings accounts Open and use a charge account Apply for a long-term loan and occasionally be late with a payment Make payments on time

Question 7.7.Interest rates on __________ are typically lower than on any other form of consumer credit. (Points : 3)

travel and entertainment cards debit cards credit cards home equity loans

Question 8.8.Student credit cards typically require that one be enrolled in a 2- or 4-year college/university and __________. (Points : 3)

a parent's signature own a vehicle hold a job have some form of income

Question 9.9.Open account credit is characterized by __________. (Points : 3)

no credit limit a monthly credit statement annual billing minimum balance requirements

Question 10.10.Appropriate reasons to use credit include for __________. (Points : 3)

durable expenses investments emergencies all of these

Question 11.11.The act requiring mortgage lenders to give borrowers HUD booklets and good faith estimates of the closing costs is called the __________. (Points : 3)

Truth-in-Lending Act Real Estate Settlement Procedures Act Mortgage Lenders Act of 1980 Equal Credit Opportunity Act

Question 12.12.When you receive title to an individual unit and joint ownership of any common areas and facilities, you have purchased a __________. (Points : 3)

single family home cooperative condominium row house

Question 13.13.Earnest money is the sum of money the home buyer deposits with the __________. (Points : 3)

seller to indicate intent of purchase lender to guarantee the purchase lender to originate the loan realtor to view homes

Question 14.14.The highest average cost housing to purchase would be a __________. (Points : 3)

cooperative apartment condominium single-family detached home row house

Question 15.15.__________ and __________ are often paid as part of one's house payment and held in an escrow account. (Points : 3)

Closing costs; interest Insurance; utilities Insurance; real estate taxes Principal; interest

Question 16.16.The interest rates and monthly mortgage payments will not change over the life of your mortgage if you have a(n) __________. (Points : 3)

adjustable rate mortgage fixed-rate mortgage rollover mortgage graduated-payment mortgage

Question 17.17.__________ is an up-front, one-time cost of home ownership. (Points : 3)

The down payment Closing costs Insurance a and b

Question 18.18.Which of the following is not listed in the textbook as a means of credit card fraud? (Points : 3)

old credit card slips and statements post office boxes old credit cards using a credit card on the Internet

Question 19.19.The best way to avoid credit problems is to __________. (Points : 3)

never use credit always write checks be disciplined when using credit accept all credit card offers you receive in the mail

Question 20.20.__________ is a reason for owning your own home. (Points : 3)

Pride of ownership A feeling of permanence A sense of stability All of these are reasons