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Understanding Mortgage Basics: Types, Markets, and Loans

Understanding Mortgage Basics: Types, Markets, And Loans

This educational content delves into the essentials of mortgage finance, covering key aspects such as loan types, interest rates, and repayment terms. It is designed to enhance understanding of mortgage processes, making it ideal...

Questions: 30 | Attempts: 12 | Last updated: Aug 4, 2025

Sample Question 1
What are examples of Government Loans?

Private Loans

Conventional Loans

VA, FHA, USDA, Assumable with Lender Approval, 4% late fee

Home Equity Loans

Sample Question 2
What does a conventional loan refer to?

Conventional loans are only for first-time home buyers.

Conventional loans are exclusively offered by credit unions.

Conforming: Follow Fannie (FNMA) / Freddie (FHLMC) guidelines, Non Conforming: Private loans, Portfolio loans, Jumbo loans, Non prime mortgage loans

Conventional loans are government-insured loans like FHA or VA loans.

Sample Question 3
What are examples of participants in the Primary Market?

Commercial Banks, Savings &Loans, Savings Banks, Mutual Savings Banks, Mortgage Companies,Mortgage Bankers, Mortgage Brokers, Credit Unions

Hedge Funds

Insurance Companies

Investment Banks