Now that you have completed the course, take a moment to test your home buying knowledge for a chance to win one of three $75 gift cards from Maine Hardware.
Buying a Home

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* 1. Owning a home gives you more mobility to take advantage of a job opportunity in a different area.

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* 2. A lender will want to know about your credit history. What information will they look for? 

Building Credit

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* 3. When it comes to your credit score, the higher the number, the better.

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* 4. Credit utilization is the balance of what you owe versus how much credit you have available. Experts recommend you use no more than how much of your available credit? 

Affording a Mortgage

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* 5. Plan to spend no more than what percentage of you total monthly income on your mortgage payment (including property tax and homeowners’ insurance)?

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* 6. What factor(s) go in to determining the cost of a mortgage?

Making a Down Payment

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* 7. The lower the down payment on a home will save you interest over time. 

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* 8. Most lenders will require you to pay PMI (private mortgage insurance) if your down payment is less than what?

Mortgage Application Checklist

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* 9. What are some documents you will need when you apply for a mortgage?

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* 10. Every lender uses the exact same mortgage application process?

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* 11. Contact Information

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