Are You A Mortgage Genius Or A Mortgage Idiot?

10 Questions | Total Attempts: 202

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Are You A Mortgage Genius Or A Mortgage Idiot?

Test your knowledge! This quiz will tell you your mortgage IQ. Are you ready to buy a home?


Questions and Answers
  • 1. 
    What’s the minimum down payment required to buy a house?
    • A. 

      0%

    • B. 

      3.5%

    • C. 

      5%

    • D. 

      20%

  • 2. 
    The news is always talking about the Federal Reserve and interest rates. Are mortgage interest rates determined by the Fed?
    • A. 

      Yes

    • B. 

      No

  • 3. 
    Let’s put today’s mortgage rates – which are in the mid 4% range - in context. In the year 2000, 30 year fixed interest rates were in the…
    • A. 

      High 6% range

    • B. 

      Low 5% range

    • C. 

      Low 7% range

    • D. 

      Mid 8% range

  • 4. 
    If I have less-than-perfect credit, I’ll most likely qualify for a(n) ____ loan…
    • A. 

      FHA, USDA, or VA

    • B. 

      Jumbo

    • C. 

      Conventional

  • 5. 
    I know all about fixed rate 30 year loans, but what about an ARM? An ARM is...
    • A. 

      Adjustable Rate Mortgage

    • B. 

      Another Ripoff Mortgage

    • C. 

      Adjustable Rising Mortgage

    • D. 

      I have no idea but they are definitely bad news

  • 6. 
    I can have my credit pulled up to ___ times by different mortgage lenders in a 14-day period and have only one inquiry added to my credit report.
    • A. 

      2

    • B. 

      4

    • C. 

      10

    • D. 

      Unlimited

  • 7. 
    By law, all lenders must charge the same amount in fees
    • A. 

      True

    • B. 

      False

  • 8. 
    I need a mortgage pre-qualification before making an offer on a home.
    • A. 

      True

    • B. 

      False

  • 9. 
    When talking about mortgages, a “point” is a fee paid to the mortgage lender or broker. A point is equal to:
    • A. 

      1% of the loan amount

    • B. 

      0.10% of the loan amount

    • C. 

      1% of the purchase price

    • D. 

      1% of the money I have in my checking account

  • 10. 
    On a conventional loan, I don't need private mortgage insurance (PMI) if I make a 20% or greater down payment.
    • A. 

      True

    • B. 

      False

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