Mortgages

You do not have to pay PMI when you have at least this much equity in your home

• 10

• 15

• 20

• 30

A Jumbo loan involves

• loans that are 100% of the value of home

• loans that are longer than 30 years

• loans that have extremely high interest rates

• loans on luxury homes

This is the most common type of loan and usually has a fixed rate

• conventional

• FHA loan

• VA loan

• investment

This is required for you to put an offer on a home with a real estate company

• inspection

• preapproval letter

• PMI

• escrow

This type of mortgage usually requires 0% down and has low interest rates

• conventional

• investment

• VA loan

• FHA loan

Mark the following items that everyone is required to pay on a mortgage loan

• HOA

• PMI

• Taxes

• insurance

• principal payment

Adding escrow to your mortgage payment will include what additional payments

• interest

• taxes

• insurance

• utilities

If you bought a home for $100,000 and the home is worth $150,000 and paid $20,000 down payment at closing- how much equity do you have in the home

• $150,000

• $20,000

• $70,000

• $80,000

The Truth in Lending Act guarantees that what information is provided in writing

• costs

• value of home

• estimate of repairs

• square footage

Which scenario would be a good idea to refinance a loan

• interest rates are currently high

• interest rates are currently low

• you need extra money for repairs to home

• you want to lower the total amount of payment or interest paid

• You like the new bank that just opened in town