Mortgages

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

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

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

Tags

CCSS.HSS.MD.B.5

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

• 45% - 50%

• 40% - 45%

• 35% - 40%

• Less than 35%

Tags

CCSS.8.EE.C.7B

When you read a credit application (i.e. credit card, mortgage) and it says the loan is accompanied with a 20% Annual Percentage Rate (APR). What does this mean?

• You'll pay 20% of your income on the loan each year

• The bank will only charge you 20% of the loan each year

• The bank will pay you 20% of what you charge while you have the loan

• You'll pay 20% of the amount you sill owe on the loan in interest each year

Tags

CCSS.6.RP.A.3C

Mortgages with shorter terms have higher monthly payments. Why would anyone want a short-term mortgages?

• You pay less in principal in total

• You pay less interest in total

• You pay less in property taxes in total

• You pay less in insurance and processing fees

Tim describes a mortgage as an investment. What is an investment?

• A kind of loan with high interest

• A way to acquire property

• A way to buy things in monthly installments

• A way to grow your money over time

Tags

CCSS.RL.2.6

CCSS.RL.8.3

If you are unable to repay your mortgage, what is the most likely result?

• The bank might sell your home to recover its investment

• You might have to go to prison

• The bank might force you to take out an additional loan

• The bank might take all they money and goods you own

If you have a mortgage with a 20-year terms, how many payments will you probably have to make?

• 20

• 200

• 240

• 360

Tags

CCSS.HSF-LE.A.1C

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

• HOA

• PMI

• Taxes

• insurance

• principal payment