One of the most important feature of a filling and record keeping system is that it works for you and meets your need. TRUE or FALSE

Which One of these is the best way to prevent foreclosure? A). Save at least 1% of your homes purchase price annually B). Refinance as soon as possible C). Use a budget to live within your mean and build savings D). Never accept an adjustable-rate mortgage

3. Choose the best scenario for refinancing A). You have a current mortgage at 5% and have been approved for a new mortgage at 3.75% youll break even on the closing costs in two years and you dont plan to move for at least five. B). You intend to move in about nine months but you have been approved for a mortgage with an interest rate two whole points lower than your current rate

4. A home equity loan can be risky because the lender can foreclose if you dont make your payment.TRUE or FALSE.

5.The best way to protect your family from carbon poisoning is to install a whole house air -ventilation system. TRUE or FALSE

6.what should you do if you start having hard time paying your mortgage? Select all that applies A). Use your credit cards for everything so you can meet your payment. B). Notify your mortgage service C). Contact a homeownership Advisor D). Wait a few months and see if things turn around E). Cut other expenses where you can

7. how much should you save each year for maintained on your home? A). $500 B). Whatever your home inspector recommends C). 7% of your gross income D). at least 1% of the purchase price

8 One advantages of a home equity loan is that you can borrow money any time, up to the approved amount. TRUE or FALSE

9. Which of these is not a responsibility of homeownership? A). Being a courteous neighbor B). Getting appraisal done annually C). Keeping your home property insured D). Keeping your home safe and secured E). Regulate home maintenance

10. In which scenario do most homeowners use equity in their home? A). To pay off student loan B). When they have children C). When they sell it to buy a new One D). When theyre threatened with foreclosure.