Mortgages
Quiz
•
Social Studies
•
10th Grade
•
Practice Problem
•
Easy
Deborah Sanchez
Used 8+ times
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is mortgage?
A type of savings account for future home buyers
A financial product used to purchase real estate, where the property acts as collateral
An insurance policy covering home repairs
A short-term loan for home renovations
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a downpayment affect a mortgage?
It decreases the amount of money to be borrowed
It increases the total interest paid over the life of the loan
It does not affect the mortgage in any way
It guarantees an adjustable-rate mortgage
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following factors can influence the interest rate on a mortgage?
The color of your house
The location of the nearest park
Your credit score
The type of furniture purchased for the home
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'term' refer to in a mortgage loan?
The color scheme of the home interior
The duration over which the loan must be repaid
The type of insurance associated with the mortgage
The ability to rent the property
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might someone choose a 15-year mortgage over a 30-year mortgage?
Can save money on interest over the life of the loan
It allows for the purchase of a commercial property
It requires a smaller legal review
It provides the option for government-backed refinancing
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one potential risk of selecting an adjustable-rate mortgage?
The risk of being unable to change the landscaping
The interest rate may decrease too much
The interest rate may increase too much
The inability to transfer the mortgage to another property
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