Mortgages

Mortgages

10th - 12th Grade

28 Qs

quiz-placeholder

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Mortgages

Mortgages

Assessment

Quiz

Social Studies

10th - 12th Grade

Hard

Created by

Robert Owen

Used 8+ times

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The first step in the mortgage process is...

check my credit score

complete application

collect documentation

underwriting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For most installment purchases, a ______________ is generally required. It is usually a certain percent of the purchase price.

Down payment

Monthly payment

Start up payment

Initial payment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The installment payment on the loan is termed____________.

Down payment

Mortgages

Amortization

Buyer's equity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The schedule prepared showing the installment payments for the period (called the term of the loan) is called___________.

Amortization Table

Payment Method Table

Installment Payment Table

Mortgages Table

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

Decreases
Increases
No change

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

Loan cost increases
Loan cost decreases
No change

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