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Worksheets

Mortgage Scenarios

Total questions: 11

Worksheet time: 18mins

Name
Class
Date
1.

Aidan – having recently completed his military service – is eager to settle down in his adopted hometown of Fayetteville, NC.  He has neither a large down payment, nor a lot of extra monthly income.  What type of mortgage loan is best? ​ ​ ​ (a)  

Choose from the below words
VA Mortgage
Jumbo Mortgage
USDA Mortgage
FHA Mortgage
Conventional Mortgage
2.

Kyra, having made quite a bit of money after graduating from college, wants to settle down and enjoy the good life.  She has a great credit score and a down payment, but the house she has her eye on is over a  million.  Suggestions?​ (a)   ​ ​ ​ ​

Choose from the below words
USDA Mortgage
FHA Mortgage
Conventional Mortgage
Jumbo Mortgage
VA Mortgage
3.

Jada has a good credit score, but she finds it difficult to budget for bills when the amount due varies.  She and her lender need to decide between an adjustable rate mortgage and a fixed rate.  Which would likely help her the most?​ ​ ​ ​ ​ ​ (a)  

Choose from the below words
USDA Mortgage
FHA Mortgage
Conventional Mortgage
VA Mortgage
Jumbo Mortgage
ARM
Fixed Rate Mortgage
4.

​ ​ ​ ​ Kate loves farm life.  After graduating from NCSU, she moved to rural, eastern NC.  She makes decent money but does not have a great deal of extra income on hand each month.  She wants to buy a new home, what might work best? ​ ​ ​ (a)  

Choose from the below words
FHA Mortgage
Conventional Mortgage
VA Mortgage
Jumbo Mortgage
ARM
USDA Mortgage
5.

Although he has made some financial mistakes in the past, Ryan’s current credit score is hovering around 750.  He has a decent down payment – around 5%.  Given his situation, what type of loan might suit him best?​ (a)   ​ ​ ​ ​ ​

Choose from the below words
VA Mortgage
Jumbo Mortgage
USDA Mortgage
Conventional Mortgage
ARM
6.

​ ​Employed by the FBI, Morgan is constantly on the move and must be able to sell her home quickly.  She has a solid credit score and no major debts.  Which would likely fit her best: a thirty-year fixed or fifteen-year ARM? ​ (a)  

Choose from the below words
fifteen-year ARM
thirty-year fixed rate
7.

Sara loves being a crossing guard.  She hopes to do so for decades to come.  She wants to buy a small home near the school she serves.  She does not plan to move in the near future.  She has a solid credit score and little debt. Suggestions? ​ ​ ​ (a)  

Choose from the below words
USDA Mortgage
Jumbo Mortgage
VA Mortgage
Thirty-Year ARM
Fifteen-Year Fixed Rate Mortgage
FHA Mortgage
8.

Ria is finally retiring.  She has been a successful pharmacist for years and is ready to settle down.  However, she wants some extra money so she can travel and climb Mt. Everest a few more times. ​ ​ ​ (a)  

Choose from the below words
USDA Mortgage
Jumbo Mortgage
VA Mortgage
FHA Mortgage
Thirty-year Fixed Rate Mortgage
Fifteen-Year ARM
9.

Kelcey opened a shelter to help homeless people in her community.  She does not make much money and has a fairly low credit score because she lets other people use her cards.  She does have a small down payment. ​ ​ ​ ​ (a)  

Choose from the below words
USDA Mortgage
Jumbo Mortgage
VA Mortgage
FHA Mortgage
Fifteen-Year ARM
Thirty-year Fixed Rate Mortgage
10.

Caroline needs a house.  She wants space for horses, but that requires that she have a home on a lot with space to spare.  She’s found the lot, but not the house. She has saved a down payment and has a steady income.  Suggestions? ​ ​ ​ (a)  

Choose from the below words
USDA Mortgage
Jumbo Mortgage
VA Mortgage
Fifteen-Year ARM
Thirty-year Fixed Rate Mortgage
FHA Mortgage
Construction Loan
11.

Mr. Noah Abbott is a successful businessman.  He wants to make his money work for him.  As such, he wants to avoid paying excessive interest over the course of his loan.  Should he go for a 30-fixed or 15-year ARM?  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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