Mortgage Life

The first step in the mortgage process is...

• check my credit score

• complete application

• collect documentation

• underwriting

A consumer reporting agency (CRA) compiles information on consumer habits including:

• personal data

• account history

• public records

• delinquent accounts

Typically a mortgage payment is comprised of what 3 items (biggest $$$)?

• interest, principal, taxes

• principal, PMI, interest

• HOA fees, principal, interest

• HOA fees, PMI, principal

Who do you need to help you figure out the right home for you?

• Real estate agent

• Financial advisor

• Parents

• Me, myself & I

What factors impact how much your mortgage payment is?

• Interest rate

• Mortgage length (15 yr, 30 yr)

• Mortgage company

• Down payment amount

Which item has the greatest impact on your FICO credit score?

• payment history

• new credit

• types of credit

• loan balances

What is the FICO score range between?

• 200 & 800

• 300 & 800

• 200 & 1000

• 300 & 900

Which is NOT a way to decrease your mortgage payment amount?

• Shop for a lower interest rate

• Remodel your home

• Negotiate a lower purchase price

• Increase your down payment amount

Specific property that secures the mortgage loan is called ___________.

Which one of the following is not a type of risk associated with loans and policy?

• loan risk

• liquidity risk

• credit risk

• market risk