1. Both the principal portion and interest portion of your mortgage payments are deductible from your income for Federal Tax calculations.
True or False
2. If you finance the purchase of a home with a thirty-year fixed rate mortgage loan your equity in the property will build up at a faster rate during the first five years of the mortgage than from years 25-30.
True or False
3. If you rent a home rather than buy one you will not accumulate an equity interest in the property.
True or False
4. Some of the recurring costs associated with either renting or owning a home are uncertain. You must budget for these uncertain costs to limit the chances of financial distress.
True or False
5. Mortgage rates are uniform and equal across all cities and counties in the United States.
True or False
6. Adjustable rate mortgages shift risk from the borrower to the lender.
True or False