Personal Finance Unit 3.3 Real Estate and Other Investments

Assuming you have a 30-year fixed-rate loan, you're paying ____% interest during the first few years.

90

What type of insurance may a homeowner need?

All of the above. (Hurricane, flood, and firestorm)

What is generally the most complicated financial transaction the average American will ever undertake?

Buying a home

Why is investing in gold beneficial?

It is considered a stable investment.

What can be the best type of safety net in hard times?

Mortgage

What is PMI?

Personal mortgage insurance

Who dictates how much insurance a homeowners must carry on their property?

The bank that holds the mortgage

Individual mortgage interest rates are generally determined by what?

The individual's credit score

Real estate is considered a/an _________ investment.

illiquid

Generally, you need ti live in a home _________ years to break even on closing costs.

three