Mortgage Quiz

A mortgage is a loan used to buy a home?

• True

• False

About how long does a mortgage take to pay back?

• 1 year

• 10-15 years

• 15-30 years

• Forever

What does a bank consider before giving a person a mortgage loan?

• Credit Score

• how much you make per year

• Employment

• All of the above

Why is a credit score important?

• It doesn't really matter

• Shows banks that you're responsible with your money

• A higher score can give you a lower rate on your mortgage

• qualifies you for other loans as well

What factors impact your credit score?

• How much debt you have

• paying your bills on time

• missing payments

• All of the above

A down payment is ________

• a regular monthly payment

• Money given to the bank before they can Loan you the rest

• paying for the entire house at once

A mortgage is paid how often?

• yearly

• monthly

• twice per year

• twice per month

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Average down payment is between _______ of the houses total value.

• 50%

• 30%

• 10-20%

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You are buying your first ever home for $160,000 dollars. The bank is asking for a 20% down payment before you can move in. How much do you need? (Hint - Use a calculator)

• $15,000

• $20,000

• $40,000

• $32,000

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CCSS.6.RP.A.3C

Why do people "negotiate" with the owner when buying a home?

• to get a better price

• to pay more

• it doesn't really matter

Tags

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CCSS.RI.8.1

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