Mortgages

What happens to the loan amount when you put down a larger down payment?

• Decreases
• Increases
• No change

Tags

CCSS.7.RP.A.3

What happens to the cost of a loan when the APR is higher?

• Loan cost increases
• Loan cost decreases
• No change

Tags

CCSS.6.RP.A.3A

What is the consequence of having a poor credit score?

• None of these answers are correct
• May pay a higher APR
• May pay a lower APR
• Go to jail

I avoid paying a PMI if I make a down payment of __________________ or more.

• 0%
• 5%
• 10%
• 20%

Tags

CCSS.7.RP.A.3

You want to pay less in overall interest. Every loan APR is the same. Select the best mortgage for you.

• 10 year loan
• 15 year loan
• 20 year loan
• 30 year loan

Tags

CCSS.8.F.A.2

CCSS.HSF.IF.C.9

There are times that renting is better than buying.

• Agree
• Disagree

Assuming you do not overborrow or overpay, have a stable job, and have no desire to move, buying your own home is usually a better choice than renting.

• Agree
• Disagree

What percent of your monthly NET income should your monthly mortgage, taxes, and insurance be?

• 45% - 50%

• 40% - 45%

• 35% - 40%

• Less than 35%

The amount of cash you pay toward the purchase price

• Buy down

• Prepayment

• Interest

• Down Payment

A special account set up by the lender to collect and pay for taxes and insurance.

• Savings Account

• Prepayment

• Checking Account

• Escrow account