Virginia Real Estate Exam Practice Question
To prepare for financing, buyers should:
Correct Answer: D
Rationale: Preparing for financing involves ensuring financial stability and readiness. Saving for the down payment and closing costs (D) is essential, as it demonstrates financial responsibility and reduces the amount needed to borrow, making approval more likely.
Buying furniture on layaway to conserve cash (A) may not directly impact financing readiness and could tie up funds that are better saved for home-related expenses. Increasing debt load to show more credit (B) is counterproductive, as higher debt can negatively affect credit scores and borrowing capacity. Researching subprime lenders (C) might lead to high-interest loans, which can be risky and financially burdensome.
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