Are Your Ready For Home Ownership | Coldwell Banker RCI Realty

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Buyers > FAQ

Are You Ready For Homeownership?

Please try this simple 12 question quiz to see if you are ready to be own a homeowner.


1
What is the very first thing you should do when buying a house?

Pre-qualify for a loan
Start picking your dream homes online
Find a real estate agent
Examine your budget


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2
How do you feel about saving?

I like the idea...
I just started its going well so far
It's important to me, I set aside money every month


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3
What is your debt to income ratio?

I am debt free!
0%-30%
30%-40%
I've lost count


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4
How long should you plan to live in the house for it to make sense financially?

1 year
2-4 years
5-7 years
8-10 years


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5
When you're applying for a mortgage what will your lender care about most?

Your credit score
Your Income
Your Down Payment
All Of The Above


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6
What is generally considered a reasonable monthly payment for a house?

20% of your gross income
30% of your gross income
50% of your gross income


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7
What is the minimum FICO credit score you need to get the best rate on a mortgage?

650
690
720
760


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8
Congratulations! The bank just pre-qualified you for a $350,000 loan. You should...

Take it! You want to get as much house as you can get with your loan
Crunch your numbers and calculate your monthly payment to see how much house you can really afford.
Ballpark it


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9
How much does a home actually cost?

The price the seller accepts is the price I will pay
Closing price + closing costs + insurance + maintenance + association fees
The closing price + closing cost


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10
In addition to the down payment, how much should you save for closing costs?

1% to 2% of purchase price
3%-6% of the purchase price
7%-10% of the purchase price


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11
Have you been late with a rent check or credit card payment in the last six months?

Yes
No
I don't know


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12
Are you able to set aside at least 1% of the homes purchase price each year for maintenance and repairs?

Yes
No


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Your Results

Your got out of 12