Mortgage and Home Ownership Quiz

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  • 1/10 Questions

    If a person buys a home for $500,000, and that person has agreed to a 15 percent down payment, how much will that person have to pay?

    • $75,000
    • $85,000
    • $95,000
    • $100,000
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About This Quiz

How much do you know about the mortgage and home ownership? Well, we are about to find that out as you take this mortgage and how ownership quiz we have made for you. A mortgage is known as a type of loan that is used to purchase or maintain a home, property, land, or other types of real estate. So, to test your knowledge about the mortgage and home ownership and to learn more, take these questions, and try to answer as many of them correctly as you can. Wish you the best of luck!

Mortgage And Home Ownership Quiz - Quiz

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  • 2. 

    If a person buys a home for $300,000, and that person has agreed to a 20 percent down payment, how much will that person have to pay?

    • $40,000

    • $50,000

    • $60,000

    • $70,000

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  • 3. 

    What is it called when you obtain new financing for a thing you already own?

    • Refinancing

    • Remortgage

    • Double financing

    • None of these

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  • 4. 

    For homeownership, when people take out a mortgage, usually how long do they pay back the money?

    • In many years

    • In one or two years

    • In a few months

    • In one or two months

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  • 5. 

    Why do many people prefer a fixed-rate mortgage?

    • Because it's cheap

    • Because it's for long-term

    • Because it's unpredictable

    • Because it's predictable

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  • 6. 

    Why do homeowners typically pay property taxes?

    • To help finance state

    • To help local governments

    • Both A & B

    • None of these

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  • 7. 

    Which of these is a true statement about mortgage for home ownership?

    • There are additional fees that are involved in taking out a mortgage.

    • There are additional costs that are involved in taking out a mortgage.

    • A lower down payment can increase the interest rate.

    • All of these

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  • 8. 

    Which of these can affect a mortgage the most?

    • The low amount for the down payment

    • A bad credit score

    • Having taken no loans before

    • None of these

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  • 9. 

    Which of these is a usual benefit of a person with a good credit score?

    • Someone with a high credit score can have the advantage of paying no interest.

    • Someone with a high credit score can have the advantage of making a lower down payment.

    • Someone with a high credit score can have the advantage of paying half the loan amount.

    • None of these

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  • 10. 

    In a mortgage, what is the amount of money borrowed called?

    • Principle

    • Principal

    • Interest

    • None of these

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Quiz Review Timeline (Updated): Aug 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 15, 2022
    Quiz Created by
    Keith Foster
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