
Home Loans
Authored by mathew chethimattom
Business
12th Grade
Used 1+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a fixed-rate home loan?
A type of mortgage where the interest rate remains the same for the entire term of the loan.
A type of mortgage that requires a balloon payment at the end of the term
A type of mortgage where the interest rate changes every month
A loan that can only be used to purchase a mobile home
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Explain the concept of adjustable-rate home loans.
Adjustable-rate home loans are only available to first-time homebuyers
The monthly payment amount never changes
Interest rates remain fixed for the entire loan term
Interest rates can change over time based on an index such as the prime rate.
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is mortgage refinancing and when is it beneficial?
Mortgage refinancing is beneficial when interest rates are lower than the original mortgage, when the homeowner wants to switch from an adjustable-rate mortgage to a fixed-rate mortgage, or when the homeowner wants to shorten the term of the loan.
Mortgage refinancing is only beneficial for people who want to increase their monthly payments
Mortgage refinancing is only beneficial for people who plan to sell their home soon
Mortgage refinancing is only beneficial for people with high credit scores
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
How do home equity loans work?
Home equity loans allow homeowners to borrow against the equity in their home, using the home as collateral.
Home equity loans are unsecured personal loans
Home equity loans do not require using the home as collateral
Home equity loans are only available for renters
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Discuss the different types of government-backed home loans.
Credit card loans, Payday loans, and Auto loans
FHA loans, VA loans, and USDA loans
Personal loans, Business loans, and Student loans
Conventional loans, Jumbo loans, and Reverse mortgages
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is private mortgage insurance (PMI) and when is it required?
PMI is required when the borrower makes a down payment of more than 20% of the home's purchase price.
PMI is required when the borrower makes a down payment of less than 20% of the home's purchase price.
PMI is not required for conventional mortgages.
PMI is only required for first-time homebuyers.
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What are the advantages of a fixed-rate home loan?
Predictable monthly payments, protection against rising interest rates, and easier budgeting.
Higher interest rates, fluctuating monthly payments, and limited budgeting options.
Unpredictable monthly payments, no protection against rising interest rates, and difficult budgeting.
Inability to plan for monthly payments, no protection against interest rate changes, and challenging budgeting.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
20 questions
More Than Just Talk LAP Test
Quiz
•
9th - 12th Grade
20 questions
produk kreatif kewirausahaan part 2
Quiz
•
12th Grade
20 questions
Business Law - Chapter 1 - Foundations of Law
Quiz
•
9th - 12th Grade
20 questions
Finance AQA yr 1 Jan 6
Quiz
•
12th Grade
18 questions
The Big Short, Chap. 1
Quiz
•
12th Grade - University
19 questions
IA1 Business 2022
Quiz
•
12th Grade
20 questions
Decisions, Decisions, Decisions
Quiz
•
9th - 12th Grade
20 questions
Regulate and Protect
Quiz
•
9th - 12th Grade
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
Discover more resources for Business
13 questions
BizInnovator Startup - Experience and Overview
Quiz
•
9th - 12th Grade
10 questions
Understanding Stock Market Investing
Interactive video
•
9th - 12th Grade
12 questions
Time Management Lesson
Lesson
•
1st - 12th Grade
20 questions
Review for Business Essentials 2.05
Quiz
•
9th - 12th Grade