First-Time Buyer Specialists

First-Time Buyer Quiz


Ok, so you're eager to take advantage of today's housing market to buy your first home. Do you know as much as you think you do about the process? Take our "First-Time Buyer Quiz" to test yourself. Go ahead. There's always more to learn.

1 I'll get better value by buying the least-expensive home in a sought-after neighborhood rather than the best home in a less-popular one.
A. True
B. False

2 If I hire a buyer's agent, I'll have to pay that agent's fee if he or she helps me buy a home.
A. True
B. False

3 Taking a fixed-rate mortgage is always the best way to finance a home purchase.
A. True
B. False

4 I can take a tax deduction for mortgage loan points for my main home, even if they're paid by the seller.
A. True
B. False

5 Since I don't have kids, the quality of local schools are not important when choosing a neighborhood to live in.
A. True
B. False

6 I should make a final walk-through inspection of the home I'm purchasing the same day as settlement or closing, if possible.
A. True
B. False

7 It makes sense to buy furnishings now for the home I'm in the process of purchasing, so I can move in and get settled fast, once the deal is closed.
A. True
B. False

8 The title insurance policy my lender insists that I buy will protect my interests should someone make a claim on my home down the road.
A. True
B. False

9 Getting the best interest rate is the most important consideration when choosing a mortgage loan.
A. True
B. False

10 With my credit card balances above 60% of their limits, I should pay down those balances rather than stash money away for the higher down payment that many mortgage lenders now require.
A. True
B. False

Judging from your score on our "First-Time Buyer Quiz" there is one Big Lesson to be learned here: Smart home buyers do their research. The fact that you took this quiz indicates that you're serious about becoming a homeowner. You've chosen a great time to consider buying a home. Let us help you make that dream come true. Nice work!