Home Stretch Mortgage basics II
Home Stretch: Mortgage Basics II
Are you ready to take the next step in your homeownership journey? Our quiz, "Home Stretch: Mortgage Basics II," is designed to test your knowledge about the mortgage process and help you understand the key concepts needed to successfully buy a home.
- Learn about essential steps to homeownership
- Familiarize yourself with important mortgage terms
- Assess your readiness for owning a home
What are the steps to homeownership?
Shop for homes, apply for a car loan, shop and apply for a mortgage loan, attend a home-buyer’ education class.
Apply for mortgage, shop for homes, conduct a personal inspection, negotiate the purchase agreement, attend a home-buyers education class, and then close on the loan.
Attend a home-buyer's education class, Determine how much you can afford, shop for a mortgage loan, shop for a home, Prepare and Negotiate a purchase agreement, get a professional home inspection, go through a final loan application, and lastly close the loan.
Shop for homes, apply to rent homes, take out a mortgage, negotiate the lease agreement, move in, and then get an inspection.
Who are the 6 people on YOUR team during the home buying process?
Housing counselor, real estate agent, attorney, home inspector, insurance agent, and closing agent.
Loan processor, community leader, home ownership association representative, local gardener, underwriter, and seller’s agent.
Real estate agent, mom, mortgage broker, appraiser, seller’s agent, and closing agent.
D. Life partner, underwriter, mortgage broker, housing counselor, seller’s agent, and closing agent.
What is an "ESCROW" account?
A bond, deed, or other document kept in custody of a third party (normally the seller) and taking effect when the seller decides they do not want to sell any more.
An account that is analyzed by mortgage brokers to make sure an individual has enough capital to back a home loan.
A bond, deed, or other document kept in custody of a third party (normally a lawyer or an escrow agent) and taking effect only when a specified condition has been fulfilled.
An account made specifically to pay an escrow agent for assisting you in finding a home.
What is Amortization?
The process of paying portions of your closing costs throughout a set period of time. Mortgage lenders normally encourage including your closing costs in your loan.
The process of paying ONLY the interest the mortgage servicer is requesting throughout your entire 30 year loan.
The process of paying only what the home is worth after it is looked at by an appraiser.
The process of paying off debt and interest over a set period of time. Mortgage loans are amortized. At first most of your mortgage payment is used to pay interest.
When is PMI (Private mortgage insurance) cancelled?
When the principal is at 50% of the original loan amount or when a new inspection shows the principal is less than 90% of the home’s value due to the home’s condition.
When the principal is at 78% of the original loan amount or when a new appraisal shows the principal is less than 80% of the home’s value due to appreciation.
When the principal is at 20% of the original loan amount or when the mortgage holder has paid 12-18 months of mortgage payments consistently on time.
When the mortgage borrower decides they no longer need to pay mortgage insurance because they have deemed themselves to be financially responsible.
What is an acceptable percentage for the "Front-end" qualifying ration when applying for mortgages?
68%
90%
31%
20%
What is an acceptable percentage for the "Back-end" qualifying ratio when applying for a mortgage?
50%
25%
10%
43%
What does an "interest only" loan option mean?
The loan provider gave priority to the borrower that had the highest interest rate.
Only the interest is paid by a borrower on a monthly basis.
Only the interest, taxes, and insurances are paid.
The borrower gets to pay the sum that interests them the most on a mortgage statement.
What is an adjustable rate mortgage?
Mortgage payments change based on income.
Mortgage payments change based on debt.
Mortgage payments change based on market rates.
Mortgage payments change based on familial status.
What is “earnest money”?
An earnest payment is a specific form of security deposit made in a real estate dealing to demonstrate that the applicant is serious, and willing to demonstrate an earnest of good faith about wanting to complete the transaction.
An earnest payment is a random form of depositing money into your personal account to demonstrate financial stability.
An earnest payment is a specific form of security deposit made in a real estate dealing to demonstrate the applicant’s ability to pay a monthly mortgage statement on the desired property.
An earnest payment is a consistent deposit of money into an account to demonstrate the applicant’s ability to wager funds at any moment.
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