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Home Buying Guide

Buyer Quick Quiz...

  1.  What is an "Appraisal?"
A) The opinion of condition of the property as determined by a licensed inspector
B) The opinion of your range of qualifications as determined by the bank
C) The opinion of value of the property you purchase as determined by a licensed bank appraiser
D) All of the above

  2.  Who is the "Mortgagee?"
A) The bank / lender
B) The person getting the mortgage
C) The person / loan officer that takes your application
D) None of the above

  3.  Private mortgage insurance insures the lender against foreclosure losses
A) True
B) False

  4.  What is a "Quit Claim Deed?"
A) An legal document used to claim your interest in personal property
B) A legal document that says you "Quit" the transaction
C) A legal document used to convey all or part of your interest in a property to another person
D) All of the above

  5.  What is an A.P.R. (Annual Percentage Rate?)
A) The interest rate your lender charges you for your loan.
B) The full cost of a loan including interest and loan fees.
C) A formula that your lender uses to calculating a 15 or 30 year mortgage interest rate.
D) All of the above

  6.  What are Points?
A) A fee that sellers must pay when their buyer is getting an FHA or VA loan.
B) A fee that all lenders charge a borrower to process a loan application.
C) An up-front fee or prepaid interest generally paid to a lender to lower your interest rate.
D) All of the above

Click here to reset and take the Buyer Quick Quiz again.

Challenge your knowledge of the home "Selling" process with Steve's Seller Quick Quiz.

 Buying a Home?   Fill out Steve's online Buyer Inquiry Form
 Selling a Home?   Fill out Steve's online Seller Inquiry Form

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  Steve Hatfield
REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
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Licensed Realtor® Since 1987 (#6501221773)
realtor Accredited Buyer Representative Certified Residential Specialist e-PRO

Steve Hatfield, Realtor® provides professional real estate / home buying services to buyers and sellers in Dearborn Michigan, Dearborn Heights Michigan, the Wayne County MI (Southeast Michigan) communities of Livonia, Canton, Redford, Westland, Garden City, Plymouth, Northville and the Oakland County cities of Farmington / Farmington Hills and Novi Michigan.

Equal Housing OpportunityIn accordance with the law, the properties, real estate services and homes for sale featured on this web site are offered without respect to race, religion, color, creed, national origin, sex, physical limitations / disabilities or familiar status.

REALTOR® is a registered collective membership trademark that identifies a real estate agent / professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict code of ethics.

Century 21 Real Estate Corporation © and sm trademark and servicemark of Century 21 Real Estate Corporation. Equal Housing Opportunity. Each office Independently Owned and Operated.

Copyright © 1996 - Steve Hatfield
Graphics and content may not be reproduced or copied in any way with out written permission from Steve Hatfield.