Question

(Note: I did my assignment with these answers but 4 of them is wrong and 6 are right. Please tell me which answer is wrong and what's the right answer for them)

1-One of the most important features of a filing and record keeping system is that it works for you and meets your needs.

(True)

2-Which one of these is the best way to prevent foreclosure?

Save at least 1% of your home’s purchase price annually

(ANSWER)-Refinance as soon as possible

Use a budget to live within your means and build savings

Never accept an adjustable-rate mortgage

3-Choose the best scenario for refinancing.

(ANSWER)-You have a current mortgage at 5% and have been approved for a new mortgage at 3.75%. You’ll break even on the closing costs in two years, and you don’t plan to move for at least five.

You intend to move in about nine months, but you have been approved for a mortgage with an interest rate two whole points lower than your current rate.

4-A home equity loan can be risky because the lender can foreclose if you don’t make your payments.

(TRUE)

5-The best way to protect your family from carbon monoxide poisoning is to install a whole-house air ventilation system.

(FALSE)

6-What should you do if you start having a hard time paying your mortgage? Select all that apply.

Use your credit cards for everything so you can meet your payment

Notify your mortgage servicer

Contact a Homeownership Advisor

Wait a few months and see if things turn around

Cut other expenses where you can

7-How much should you save each year for maintenance on your home?

$500

Whatever your home inspector recommends

7% of your gross income

(ANSWER) At least 1% of the purchase price

8-One of the advantages of a home equity loan is that you can borrow money any time, up to the approved amount.

(ANSWER) (TRUE)

9-Which of these is not a responsibility of homeownership?

(ANSWER)Being a courteous neighbor

Getting appraisals done annually

Keeping your home properly insured

Keeping your home safe and secure

Regular home maintenance

10-In which scenario do most homeowners use the equity in their home?

(ANSWER)To pay off student loans

When they have children

When they sell it to buy a new one

When they’re threatened with foreclosure

Answer 1

As per the question needs:

Q1: One of the most important features of a filing and record keeping system is that it works for you and meets your needs.

Solutions: Filing and record keeping helps to know the performance and position of the individual.

2-Which one of these is the best way to prevent foreclosure?

Foreclosure needs a the formula of : Use a budget to live within your means and build savings

3: Best scenario for refinancing.: You intend to move in about nine months, but you have been approved for a mortgage with an interest rate two whole points lower than your current rate.

4: A home equity loan can be risky because the lender can foreclose if you don’t make your payments.

The statement is false because lender wont foreclose due to non payment

5: The best way to protect your family from carbon monoxide poisoning is to install a whole-house air ventilation system.: it does not belong to subject