Mortgages and Lending Quizizz

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

• Decreases

• Increases

• No change

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

• Loan cost increases
• Loan cost decreases
• No change

What is the consequence of having a poor credit score?

• You have to take an economics course.

• May pay a higher APR

• May pay a lower APR

• Must declare bankruptcy

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

A fixed rate means

• The rate will stay the same for 5 years

• The rate will stay the same for 2 years

• The rate will stay the same for the length of the loan

• The rate will stay the same for 1 year

ARM stands for

• Annual reduction mortgage

• Appreciation rate monthly

• Almost ridiculous math

• Adjustable rate mortgage

The higher your FICO score....

• The higher your interest rates will be

• The worse you are at managing money

• The lower your interest rates will be

• The worse your credit

A very good credit rating would be

• 1000

• 800

• 600

• 400

Reasons your minimum credit card payment may increase are all of the following EXCEPT....

• You were late on a previous payment

• Your interest rate increased

• Your balance increased

• You applied extra payment to your principal

PITI stands for

• Home owners remorse

• Property inflation tax income

• Principal, interest, taxes and insurance

• Previous income tax insurance