Mortgages
Life Skills
12th Grade
Used 240+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
You do not have to pay PMI when you have at least this much equity in your home
10
15
20
30
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A Jumbo loan involves
loans that are 100% of the value of home
loans that are longer than 30 years
loans that have extremely high interest rates
loans on luxury homes
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This is the most common type of loan and usually has a fixed rate
conventional
FHA loan
VA loan
investment
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This is required for you to put an offer on a home with a real estate company
inspection
preapproval letter
PMI
escrow
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This type of mortgage usually requires 0% down and has low interest rates
conventional
investment
VA loan
FHA loan
6.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Mark the following items that everyone is required to pay on a mortgage loan
HOA
PMI
Taxes
insurance
principal payment
7.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Adding escrow to your mortgage payment will include what additional payments
interest
taxes
insurance
utilities
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