Are you ready to buy a home?
Buying a home can be a dream come true. But first, you'll want to make sure you understand the requirements and obligations that come with home ownership. Take this quiz and find out if you're ready to sign on the dotted line
Start
1 / 7
How would you describe your employment situation?
Employed in a stable, well-paying job.
In between jobs.
Employed, but as the Magic 8 ball would say, the future is uncertain.
2 / 7
What is your source of information on the housing market?
Websites like Zillow.com
A real estate agent who specializes in the area of interest.
Word of mouth.
3 / 7
What is a good rule of thumb when it comes to determining the price of your future home?
The home price should be no more than two and a half times your annual salary.
When it comes to your dream home, price is not a consideration.
If you really love a home, and expect income growth, you can stretch to a price that is three times your annual salary.
4 / 7
How long do you plan to stay in your new home?
More than five years.
Less than two years.
Most likely two to five years.
5 / 7
Why do real estate agents advise clients to buy a home in a good school district?
Good schools mean quality babysitters live nearby.
If you have kids, or plan to have kids, you'll want to provide them with the very best education
A good school district helps a home retain or gain in value.
6 / 7
Will paying off a collection account remove it from your credit report?
No. It will stay on your credit report for seven years.
No. It will stay on your credit report for three years.
No. It will stay on your credit report for three years.
7 / 7
How do you feel when you see your bank account balance on your ATM receipt?
Encouraged. It's slow going, but you're close to having enough for a down payment on a home.
Horrible. You try not to look at your balance too often because it's so depressing.
Elated! You've been saving like crazy and your balance shows it.
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