1. you've been pre-approved for a home loan. Congratulations! What does the big number tell you?
A. It's the amount I can afford to spend on a home
B. It's the amount the bank will lend me for a home
2. What should you look for in a real estate agent?
A Good reviews/referrals
B. Strong knowledge of the area and market
C. A sense of connection and trustworthiness
D. All of the above
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3. What are you typically paying with your monthly mortgage payments?
A. Principal and interest won my home loan
B. Principal and interest on my home loan, plus real estate taxes
C. Principal and interest on my home loan, plus insurance
D. Principal and interest on my home loan, plus taxes and insurance
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4. What other expense will you need to factor in each month aside from your mortgage?
A. There won't be many changes beyond switching from my rent payment to a mortgage payment
B. I'm factoring in yard maintenance, unexpected repair costs and more in addition to my monthly mortgage payment
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5. How much can you expect to pay in closing costs?
A. Nothing
B. Between 2-5%
C. Between 7-10%
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6. How long do you expect the entire home buying process to take?
A. A couple of weeks
B. About a month
C. Two months, minimum
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