First-time buyer IQ

Eight questions on the steps every first-time buyer goes through, from offer to closing. How ready is your knowledge?

8 questions · about 2 minutes · no signup needed

Question 1 of 8How long does it typically take to close after your offer is accepted?

About a weekAbout 30 to 45 daysThree to four monthsIt depends only on the seller

Question 2 of 8What does an appraisal do?

Checks the home for defectsEstimates the home’s value for the lenderSets your property taxConfirms who owns the home

Question 3 of 8When do you get your Closing Disclosure?

When you applyAt least three business days before closingAt the closing tableAfter you move in

Question 4 of 8What does an owner’s title insurance policy protect you from?

Fire and stormsPast ownership claims and title problemsLosing your jobRising interest rates

Question 5 of 8Since August 2024, what do buyers working with an agent typically sign before touring homes?

NothingA written agreement with their agentA purchase contractA loan application

Question 6 of 8How much earnest money is common?

1% to 3% of the price20% of the priceA flat $100Nothing

Question 7 of 8What should you do if you get an email changing where to wire your closing money?

Wire it right awayCall your title company at a number you already know to confirmReply to the email to confirmSplit it between both accounts

Question 8 of 8What usually happens to your rate if your credit score is higher?

Nothing changesYou usually get a lower rateYou get a higher rateYou must put more down

Your answers aren’t saved or sent anywhere except to calculate your score. For education only; it isn’t a credit check or a loan approval.

How it works

Pick an answer and you’ll see right away whether you got it, with a short explanation and a link to learn more. At the end you’ll get your score and can share it.