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Mortgage Payments

Authored by Tracy Teal

Professional Development

Professional Development

20 Questions

Used 19+ times

Mortgage Payments
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A mortgage payment can include payments related to owning the property such as taxes.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Principal & Interest payment (P&I) does NOT include any escrow.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To figure out the P&I on a loan, you only need to know the Loan Amount, Rate, and ______.

Address

Term

Origination Fee

DTI

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Octane will calculate the monthly payment for you.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The P&I is the only portion of the payment the lender has control over

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These items fall under this category: Property Taxes, Homeowners Insurance, Mortgage Insurance, and Flood Insurance that may be on the loan.

Closing Fees

Escrows

Lender Concessions

LTV

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A borrower is required to include Escrows on their payment if the Loan To Value is above ___%

20

50

80

95

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