Homebuyer Education Learning Check

Module #6 - Successful Homeownership

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* 1. Name

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* 2. Phone Number

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* 3. Email

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* 4. You will want to pay your mortgage by the first of the month, making it your top-priority bill to pay, as this is a good way for you to:

Make your lender happy

Keep your interest rate from going up

Protect your investment

Make sure your homeowners insurance is not cancelled

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* 5. Which of the following is not an item you need to complete as part of your home safety plan:

Installing smoke detectors

Knowing where the closest fire hydrant to your home is

Posting emergency numbers in an area available to all family members

Knowing the location of the main electrical switch and main cutoff valve for water and gas

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* 6. When it comes to your homeowners insurance policy, it’s a smart idea to:

Wait to buy insurance until after you have purchased your home

Feel confident that you never have to review or worry about again

Re-evaluate the coverage needed once a year

Not be concerned if annual premium increases by 20%

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* 7. When should you schedule your home maintenance checks:

In the fall/spring

Once a year

As needed

All of the above

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* 8. What type of insurance coverage should you seek in order to cover the full cost of replacing damaged areas of your home with new property of like kind and quality:

Liability insurance

Guaranteed replacement-cost policy

Standard liability insurance

Standard hazard insurance

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* 9. True or False: Your lender will not allow you to cancel your insurance policy and switch to another insurance provider.

True

False

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* 10. Which of the following would not be the best thing to do when organizing and storing your important documents:

Keep a copy with a friend, relative or attorney

Keep a copy in a safe deposit box

Purchase a fireproof safe for your home

Keep everything handy in a stack on top of your desk

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* 11. Equity is:

An account your lender opens to pay your taxes and insurance

The term insurance companies use for deductibles

The difference between the current value of your home minus the balance of your mortgage loan

One of the documents signed at closing