WorksheetsFinance Review
Total questions: 20
Worksheet time: 24mins
A conventional mortgage has equal payments with a fixed interest rate over how many years?
5, 10, or 15 years
15, 30, or 40 years
20, 25, or 35 years
What is an example of a paycheck deduction?
Net Pay
Extra pay
Taxes
The money you pay in fees, appraisal costs and insurance is called...
Closing Costs
Lender Money
Cost of Home Buying
Why is it important to reduce debts or improve your credit score when applying for a mortgage?
To increase the chances of loan approval and secure better interest rates.
To decrease the amount of paperwork required for the application.
To avoid the need for a co-signer on the mortgage application.
The size of a home is measured in ______ _____
Square Feet
Cubic Centimeters
Square Inches
"Net Pay" is the money you receive after deductions are taken out of your paycheck
True
False
What does a mortgage typically help a buyer to do?
Pay rent on a property
Buy insurance for a property
Purchase a property over time
Most homes have a variable interest rate?
True
False
A sum of money borrowed for a certain amount of time that you must repay is called a....
loan
down payment
interest
What is an interest rate?
A type of grant
The amount of money you owe on top of the principal.
The loan term
What does a mortgage lender typically require from the borrower to buy a house?
Pay Day Loan
A down payment
A co-signer
The amount you receive on your paycheck before taxes is ____pay. The amount you receive on your paycheck after taxes is ____ Pay.
Gross, Full
Net, Full
Gross, Net
Net, Gross
A loan to buy a property or a home:
Rent
Sublet
Closing Costs
Mortgage
Imagine Elijah takes out a mortgage to buy a house, choosing the longest repayment period offered. The downside of this decision is that the longer Elijah has the mortgage, the more _____.
collateral that is required by the bank
equity will build after seven years
total amount of interest paid
Failure to pay your mortgage will result in which of the following
Your mortgage rate doubles
You have to pay a 5% penalty
You default on the mortgage and the property is taken away.
You are asked to sell the house to pay back the debt.
All careers require you to have a degree?
True
False
An appraisal is used to...
Buy homes for cheap
Find great deals on homes
find the estimated value of a home
A home is 2,000 square feet and costs $300,000. What is the price of the home per square feet?
$137
$150
$200
Bonus Question: Which of the following is most important when looking for a house to buy?
The size of the home
The location of the home
If the home has a pool
The affordability of the home and making sure it fits your budget
