Mortgages

Mortgages Quiz

Check to see if you selected the correct answer.

The word “mortgage” comes from:

Italian slang for “big debt”
The Latin term for “house money"
The French word for “dead pledge" Correct Answer
A German phrase meaning “loan until death"

What is the most traditional type of mortgage loan?

A.R.M. (adjustable-rate mortgage)
Fixed-rate mortgage Correct Answer
Balloon loan
Subprime loan

An A.R.M. might be a good option if:

You plan on moving to a new house within a few years
You want a lower initial monthly payment
Interest rates are relatively high
All of the above Correct Answer

What is the magic number when it comes to the down payment?

20% Correct Answer
10%
5%
40%

PMI stands for:

Private Mortgage Insurance Correct Answer
Pretty Many Investments
Popular Mortgage Ideas
Property Management Investigators

80% of mortgage loans come from:

The government
The private mortgage industry Correct Answer
Donald Trump
The government

A mortgage broker:

Lends you the money for a loan
Works for mortgage companies
Always drives a flashy car
Is an intermediary that helps you find a loan Correct Answer