Mortgage Process Application

What is the purpose of the article?

• To advertise mortgage rates

• To explain the steps of the mortgage process

• To review different mortgage companies

• To provide legal advice on mortgages

Tags

CCSS.RI. 9-10.6

CCSS.RI.11-12.6

CCSS.RI.8.9

CCSS.RL.11-12.6

CCSS.RL.9-10.6

How many steps are involved in the mortgage process according to the document?

• Three steps

• Four steps

• Six steps

• Five steps

What is the first step in getting a mortgage as explained in the document?

• Find a property

• Apply for a mortgage

• Get your pre-approval

• Go through underwriting process

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Why is it a good idea to get pre-approval for a mortgage before house shopping?

• To complete the mortgage process faster

• To know what you can afford

• To avoid doing paperwork

• To speed up the underwriting process

How long can the mortgage closing process take to complete?

• 30 days

• 45 days

• 60 days

• 90 days

What should you check carefully when getting a mortgage, as mentioned in the document?

• The interest rates only

• The property value only

• The neighborhood

• All of your paperwork

What is included in the monthly costs of a mortgage besides paying back the principal loan?

• Insurance premiums only

• Interest payments only

• Property taxes only

• Interest payments and private mortgage insurance (PMI)

Tags

CCSS.7.RP.A.3

If you aren't able to make a 20% downpayment on a property, what else will you need to pay for?

• Higher interest rates

• Private mortgage insurance (PMI)

• Additional principal loan

• Property improvement costs

Tags

CCSS.7.RP.A.3

What is a pre-approval in the context of the mortgage process?

• A) A document that confirms the transfer of property ownership.

• B) A document that states the maximum amount a mortgage lender is willing to loan.

• C) A legal agreement binding the buyer to purchase a property.

• D) A credit report that only shows your credit score.

What information is typically required by a mortgage lender from the borrower?

• A) Social security number and birth certificate

• B) Name of current employer, phone, and street address

• C) Credit card statements and shopping receipts

• D) List of previous residences and landlords

Tags

CCSS.7.RP.A.3