Are You A Mortgage Genius Or A Mortgage Idiot?
10 Questions
| Total Attempts: 223
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.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
- 10.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
Back to top