Owning a Home Quiz

Homeownership can be rewarding. But being a successful homeowner entails additional responsibilities and requires continued education.

1

What is equity?

Equity is the difference between how much your home is worth and how much you owe on your mortgage. You can build equity by paying down your mortgage over time and through the home's appreciation.

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2

As a homeowner, you need to be prepared to pay:

It's important to understand all of the costs of homeownership. These include mortgage payments, property taxes, homeowner's insurance, utilities, and maintenance and repairs.

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3

When it comes to your home’s upgrades, repairs and maintenance, which of the following is true:

Carefully prioritize your home's upgrades, repairs and maintenance, and plan for how you will pay for it.

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4

Which of the following is the best indicator of what your property is worth?

The best indicator of what your property is worth is what similar properties in your area have recently sold for.

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5

Which of the following are warning signs of financial problems that can lead to foreclosure on your home:

All of these are warning signs that you are facing financial difficulties. If you are struggling, contact your loan servicer or housing counselor to discuss your options immediately.

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Fantastic! You clearly know a great deal about what it takes to own, care for, and keep a home.

You’re doing well, but there’s a lot more to learn about homeownership within our Owning section. Keep reading and remember: Knowledge is power!

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