1.What was the average appreciation rate of Lake Oswego home sales between 2019 and 2020?
5.25%
8.50%
12.5%
9.0%
2. How much should you anticipate that home maintenance on a house you own will cost each year?
1% of your home's value
$1 per square foot
Either way is a good approach
3. How is property tax calculated in Oregon?
1% of the market value of your home.
Multiplying the assessed value of your home by the combined tax rates of all the districts and services in which the property is located
Multiplying the market value of your home by the combined tax rates of all the districts and services in which the property is located
3% of the assessed value of your home.
4. How much are closing costs (things like lender application fees, title insurance, recording fees) a buyer has to pay when purchasing a home?
Around 1-2% of the purchase price.
Between 2-5% of the purchase price.
Usually 5% of the purchase price.
None of the above
5. What is the Debt-to-Income ratio that most mortgage lenders look for in determining whether a buyer qualifies for a loan?
Less than 36% with no more than 28% going towards paying off the mortgage
28% with no more than 25% going towards paying off the mortgage
Less than 36%
Less than 28%
6.What's the general rule of thumb in terms of what percentage of your gross income should go towards your housing costs - principal, interest, taxes and insurance?
38%
25%
40%
30%
7. Are mortgage discount points a good thing?
No, they are fees added to the cost of your loan, depending on your credit score.
Yes, they are fees deducted from the cost of your loan, depending on the size of your down payment.
Possibly. They are fees you pay to your lender up front to lower your interest rate so they can be a good thing if you stay in your house long enough to recoup the cost of buying the points.
8. How many estimated homes in Lake Oswego have deeded access to join one of the easements for boating and recreational use of the lake??
5,000
3,000
2,500
7,500
9. How much can easement rights add to the value of a home in Lake Oswego?
A. 10%, depending on the easement
B. Anywhere from $5,000 to $30,000 depending on the easement
C. They don't add any value to a home.
B and C are correct because if a buyer isn't interested in having access to the lake, easement rights don't add any value. But if a buyer is interested, he or she will pay that percentage more for a house with easement rights.
A and C are correct because if a buyer isn't interested in having access to the lake, easement rights don't add any value. But if a buyer is interested, he or she will pay that percentage more for a house with easement rights.
10. Which city in the Portland metro area has the highest annual costs of home ownership (property taxes, city services and private utilities) ?
Portland
Lake Oswego
Wilsonville
Milwaukie