Learn · Quiz
How much do you actually know about buying a home?
Eight questions on the costs and mechanics that trip up first-time buyers. In a 2026 survey, about three in four prospective buyers failed a basic version — closing costs were the biggest blind spot. Every answer is sourced.
1. Closing costs on a typical home purchase usually run about how much of the price?
2. Why does a mortgage payment often jump in the second year?
3. On a conventional loan, when can you typically request that PMI be removed?
4. What does APR capture that the interest rate alone does not?
5. The “back-end” debt-to-income ratio lenders look at includes:
6. Earnest money is:
7. Getting Loan Estimates from several lenders within a short window:
8. A common budgeting rule of thumb for annual home maintenance is about:
0 of 8 answered