Font size
WorksheetsMortgages
Total questions: 15
Worksheet time: 18mins
You do not have to pay PMI when you have at least this much equity in your home
10
15
20
30
A Jumbo loan involves
loans that are 100% of the value of home
loans that are longer than 30 years
loans that have extremely high interest rates
loans on luxury homes
This is the most common type of loan and usually has a fixed rate
conventional
FHA loan
VA loan
investment
This is required for you to put an offer on a home with a real estate company
inspection
preapproval letter
PMI
escrow
This type of mortgage usually requires 0% down and has low interest rates
conventional
investment
VA loan
FHA loan
Mark the following items that everyone is required to pay on a mortgage loan
HOA
PMI
Taxes
insurance
principal payment
Adding escrow to your mortgage payment will include what additional payments
interest
taxes
insurance
utilities
If you bought a home for $100,000 and the home is worth $150,000 and paid $20,000 down payment at closing- how much equity do you have in the home
$150,000
$20,000
$70,000
$80,000
The Truth in Lending Act guarantees that what information is provided in writing
costs
value of home
estimate of repairs
square footage
Which scenario would be a good idea to refinance a loan
interest rates are currently high
interest rates are currently low
you need extra money for repairs to home
you want to lower the total amount of payment or interest paid
You like the new bank that just opened in town
Which of the following Debt to Income ratios would be able to get a loan approved
55
40
10
25
30
This is the process you go through when determining if your loan application is acceptable
prewriting
screening
underwriting
escrow
which loan will you more than likely pay less interest on for the duration of a loan?
Adjustable Rate
3% fixed rate 15 year
3% fixed rate 30 year
Jumbo 15 year loan
you typically are expected to pay how much down on an investment property loan?
5%
10%
20%
35%
This is what you pay when you make an offer on a home
down payment
PMI
escrow
earnest money
