Which of the following statements about renting & owning is CORRECT?
An owner has complete responsibility and control over the property.
Select the statement that is NOT a component of a standard housing lease.
Purchasing homeowner’s insurance.
Which best describes the benefits of renting a home?
None of the above.
Which combination of factors would result in the lowest monthly mortgage payment?
Small down payment, a shorter term loan, and small interest rate.
John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most cost effective way for John to buy a house in the suburbs?
Move to the suburbs and rent a house for one year before purchasing a home.
Renting provides _________ flexibility but can lead to _________ costs in the long-term.
Greater; higher.
Which of the following is NOT a cost typically associated with owning a car?
Wear ; Tear fees.
What is a mortgage?
Type of loan used to buy property.
A _________ is generally considered an appreciating asset because it may _________ in value over time.
House; increase.
Someone may choose to own a car instead of leasing because:
The car can be resold later to make some money back.
Owning provides _________ flexibility but can lead to _________ costs in the long-term.
Less; lower.
Jim wants to buy a car, but he’ll probably only need it for a couple of years. He has a short commute to work, so he won’t be putting many miles on his vehicle. What’s the best transportation option for Jim?
Lease the car.
Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purpose of a car. What’s the best transportation option for Jim?
Utilizing his saving as a down payment and buying the car using an auto loan.
John would like to move from the suburbs into the city, but the rent in the city is very high. John has found an apartment he really likes, but he can only afford about 60% of the monthly rent. What is the best housing option for John?
Rent the apartment with a roommate.
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