: Can you define "Escrow," "PMI," or "Closing Costs"? For example, Private Mortgage Insurance (PMI) is typically required if your down payment is less than 20%.
: How much of your monthly income goes toward existing debts? Lenders look at this to see if you can handle a mortgage. home buying quiz
: Do you understand that a contingency is a clause in your contract that must be met before the sale is final? This is your safety net during the inspection phase. Part 3: Helpful Resources for Next Steps : Can you define "Escrow," "PMI," or "Closing Costs"
: Do you know your credit score? A high score is essential for securing the best mortgage rates. Lenders look at this to see if you can handle a mortgage
If you find you aren't quite ready yet, use these expert-led tools to build your knowledge: Homebuying Readiness Quiz - Circle K EAP | Anthem