7-3 Mortgage Application Process
Authored by Jackson, Monica
Financial Education
12th Grade
Used 5+ times
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is Property Taxes determined?
moveable items owned
land owned
how often property is used
how much you like it
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False:
Debt-to-Income Ratio compares how much you owe yearly to how much you earn which determine your borrowing risk.
True
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjustable rate...
Changes overtime
Stays the same
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Private Mortgage Insurance (PMI) is an extra expense that borrowers make a down payment of less than ______ of purchase price.
15%
45%
20%
60%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When it comes to front-end ratio, the categories of paying for housing is Mortgage, Insurance and Tax
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is required to pay the interest on the loan for a certain period?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is it True or False? Multiple intrest rates for the entire term of a loan is known as a Fixed- Rate Mortgage.
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