Mortgage Quiz




Question 1: If your want your payment to remain the exact same amount every month for the life of your loan, what kind of loan would you apply for?





Question 2: The credit records of borrowers have three individual FICO scores. Which FICO score is most commonly used to qualify the borrower(s)?





Question 3: A balloon payment is:





Question 4: If a borrower's home is worth $200,000 and they wish to borrow $50,000 then the loan-to-value is:





Question 5: When you pay "points", you pay interest in a lump sum upfront to get a lower rate on your fixed rate mortgage. Each point costs:





Question 6: Which of the following is an excellent credit score?





Question 7: When escrow is used in a mortgage payment, what is usually covered in the payment?





Question 8: A 'package mortgage' is:





Question 9: A down payment more than 20% on a home helps you:





Question 10: A reverse mortgage is:





Press the Submit button to see the results.
    





External Mortgage Literacy Resources

Mortgage Calculator from bankrate.com