Before you get the keys to your new house, there are many tasks left to accomplish such as completing an appraisal, scheduling an inspection, paying closing costs and combing through the final paperwork.
Watch the video to learn about Getting to Closing Day, then test your knowledge at the end of the lesson.
A home appraisal evaluates the true market value of a home; the mortgage lender orders and pays for the appraisal.
A. True
B. False
What happens during a home appraisal?
A. The mortgage lender sends an appraiser to the property
B. The appraiser checks structure and property lines
C. A comparison is made to similar homes in the area
D. All of the above
Closing costs, which are also known as settlement costs, cover your credit check, fees, insurance, and more. How much will closing costs typically amount to?
A. Between 2% and 6% of the loan amount
B. Between 0.50% and 1% of the loan amount
C. Flat fee of $1,000
D. Flat fee of $3,000