Worksheets7-3 Mortgage Application Process
Total questions: 7
Worksheet time: 4mins
Name
Class
Date
1.
How is Property Taxes determined?
a)
moveable items owned
b)
land owned
c)
how often property is used
d)
how much you like it
2.
True or False:
Debt-to-Income Ratio compares how much you owe yearly to how much you earn which determine your borrowing risk.
a)
True
b)
false
3.
Adjustable rate...
a)
Changes overtime
b)
Stays the same
4.
Private Mortgage Insurance (PMI) is an extra expense that borrowers make a down payment of less than ______ of purchase price.
a)
15%
b)
45%
c)
20%
d)
60%
5.
When it comes to front-end ratio, the categories of paying for housing is Mortgage, Insurance and Tax
a)
True
b)
False
6.
Who is required to pay the interest on the loan for a certain period?
a)
Borrower
b)
Real estate agent
c)
Lender
d)
Government
7.
Is it True or False? Multiple intrest rates for the entire term of a loan is known as a Fixed- Rate Mortgage.
a)
True
b)
False
100 %
