Mortgages
Quiz by Tyler Richard
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7 questions
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- Q1What is the minimum credit score for FHA?65058061062030s
- Q2What is the maximum loan-to-value ratio commonly allowed for a conventional mortgage?50%125%80%100%30s
- Q3What does the term 'points' refer to in the context of mortgages?Interest rate adjustmentsClosing costs paid to the sellerUpfront fees paid to the lenderMonthly installment payments30s
- Q4What is the purpose of private mortgage insurance (PMI)?To reduce the interest rate of the mortgageTo protect the lender if the borrower defaults on the loanTo cover home repairs and maintenanceTo insure the home's contents30s
- Q5What is the purpose of a pre-approval letter when applying for a mortgage?To show sellers that the borrower is qualified for a loan up to a certain amountTo lock in a specific interest rate for the mortgageTo provide proof of homeowner's insurance coverageTo guarantee a fixed monthly payment amount30s
- Q6What does an amortization schedule show for a mortgage?The current market value of the homeThe remaining balance after each paymentAnnual property tax ratesThe breakdown of each payment into principal and interest30s
- Q7What typically happens if a borrower defaults on their mortgage payments?AmortizationForeclosureRefinancingEscrow30s