WorksheetsBanking Services Test 5
Total questions: 22
Worksheet time: 11mins
Which of the following is an example of a installment loan?
Vehicle
Student
Mortgage
All are examples of an installment loan
True or False any Veteran can be eligible for the VA loan as long as the property is their primary residence?
True
False
Which loan is suitable for a home buyer who plans to move or sell their home before their fixed rate period is up?
Adjustable Rate Mortgage
VA Loan
FHA
Fixed Rate
Adrian is planning to buy a house but only live there for five years. He also has a relatively low credit score
Adjustable Rate Loan
Fixed Rate Loan
USDA Loan
FHA Loan
Subsidized Student Loan
US Department of Education pays the Interest, while you are in school
You are responsible for paying the interest, while you are in school
Parents borrowing money for their dependent undergraduate student
Anyone with eligible federal student loans who wants to combine any number of those loans into a single loan
Unsubsidized Student Loan
US Department of Education pays the Interest, while you are in school
You are responsible for paying the interest, while you are in school
Parents borrowing money for their dependent undergraduate student
Anyone with eligible federal student loans who wants to combine any number of those loans into a single loan
FHA Loan can lower your down payment t as little as?
20%
3.5%
10%
8%
Which loan is best defined as "a loan that is flexible, as is the term; the longer the loan is used, the more will be paid"?
Open Ended Koan
Installment Loan
Subsidized Loan
Unsubsidized Loan
Collateral
legal claim to the property
Item that secures a loan
loan backed by reputation of borrower
a loan in which some item of value backs the loan
Secured Loan
legal claim to the property
Item that secures a loan
loan backed by reputation of borrower
a loan in which some item of value backs the loan
Unsecured Loan
legal claim to the property
Item that secures a loan
loan backed by reputation of borrower
a loan in which some item of value backs the loan
Lien
legal claim to the property
Item that secures a loan
loan backed by reputation of borrower
a loan in which some item of value backs the loan
True or False a loan is money you borrow and must repay
True
False
True or False an open ended loan is a loan in in which the amount of the payments, the rate of interest and the number of payments are fixed and repaid on a periodic basis?
True
False
Typical loans require a down payment of?
3.5%
25%
10%
20%
Lisa is a veteran who served 90 consecutive days during wartime. She would like to buy a condo as her primary residence.
VA Loan
Bridge Loan
ARM Loan
FHA Loan
Mr. and Mrs. Watson are purchasing a new house before they can sell their current house. The good news is, they have excellent credit and low debt-toincome ratio. Also, they do not need to finance more than 80%
ARM Loan
Bridge Loan
Fixed Rate Loan
USDA Loan
True or False, a Fixed Rate Loan is the most common type of loan?
True
False
Mr. and Mrs. Roach live in a rural area. They would like to purchase a house in the same area they live now, but have struggled financially in the past
USDA Loan
Fixed Rate Loan
FHA Loan
Adjustable Rate Mortgage
To be eligible for Federal Student Loan one must fit all of the following except?
Complete a FAFSA
Be Degree Seeking
Attended a College or University participating in the Federal Loan Program
Be enrolled in just 3 hours
Matthew has a strong desire to buy a house. However, he has little saving for a down payment
VA Loan
Bridge Loan
FHA Loan
Adjustable Rate Loan
John and Melissa are house hunting. They plan to live in the house for a long time and prefer a stable payment
Fixed Rate Loan
VA Loan
USDA Loan
FHA Loan
