Mortgage Payments
Authored by Tracy Teal
Professional Development
Professional Development
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A mortgage payment can include payments related to owning the property such as taxes.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Principal & Interest payment (P&I) does NOT include any escrow.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To figure out the P&I on a loan, you only need to know the Loan Amount, Rate, and ______.
Address
Term
Origination Fee
DTI
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Octane will calculate the monthly payment for you.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The P&I is the only portion of the payment the lender has control over
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These items fall under this category: Property Taxes, Homeowners Insurance, Mortgage Insurance, and Flood Insurance that may be on the loan.
Closing Fees
Escrows
Lender Concessions
LTV
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A borrower is required to include Escrows on their payment if the Loan To Value is above ___%
20
50
80
95
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