Worksheets3.4 - Student Loans & Mortgages
Total questions: 14
Worksheet time: 7mins
Which of the following will likely affect the total amount of interest you will end up paying on a home loan?
How many other homes in your neighborhood are also for sale
The median cost of homes in your neighborhood
Your credit score
The type of car you drive
What is NOT a way to decrease your mortgage?
Pay extra with monthly payments
Increase your down payment
Buy a less expensive home
Decrease the length of your mortgage
As you pay more of your mortgage as time goes on, you will pay less of the principal and more interest.
TRUE
FALSE
Which is a advantage of using a ARMs?
Good if you plan to stay living where you are
Lower rate means less money to pay bills
Rates can decrease over time
Same monthly mortgage
What is a better option if you plan on moving soon and want to build credit and avoid high costs?
Renting
Buying
What are the two types of Home Equity Products (Choose 2 Answers)
Home Equity Loan
Home Equity Line of Credit
Home Equity Funding
Home Equity Checking Account
Is you struggling to pay your mortgage you can do ALL except...
Forbearance Plan
Loan Mondification
Repayment Plan
Borrow from home equity
The amont you owe to buy the home is called the .....
mortgage
Interest
down payment
The maximum amount you can borrow for college is...
the COA
unlimited so as long as you can pay it back
the same amount you get in scholarships
limited to $25,000 per year
What are the two main types of student loans?
Federal and state
Public and private
Federal and private
State and private
When do you have to start repaying federal loans?
While you're still in school
After you graduate
After you start working
After you turn 30
What are the three most common federal loan types?
Subsidized Direct Loans, Unsubsidized Direct Loans, and Direct PLUS loans.
Subsidized Direct Loans, Unsubsidized Direct Loans, and Private Loans.
Subsidized Loans, Unsubsidized Loans, and PLUS Loans.
Direct Loans, Private Loans, and PLUS Loans.
What should you keep in mind when borrowing federal loans?
Borrow as much as you need and use it for your lifestyle expenses.
Borrow as much as you can to cover all your expenses.
Borrow wisely and never borrow more than what you need.
Borrow only private loans instead of federal loans.
What should you do if you have difficulty making payments?
Ignore it and hope it goes away.
Contact your loan servicer immediately to discuss options available to you.
Wait until you are in default to contact your loan servicer.
Refinance your loan with a different lender.
