Quiz: How Well Do You Know Home Loans?

How well do you know home loans?

How Well Do You Know Home Loans?

Think you know mortgages? See how many of the questions below you can answer!

Which type of loan exceeds conforming loan limits set by Fannie Mae and Freddie Mac?

Which term refers to the cost of a mortgage given as a yearly percentage rate?

An Adjustable Rate Mortgage (ARM) is better for you if you plan to live in your house for 10 years or longer.

Which term refers to the holding of funds or documents by a third party prior to closing?

What does PITI stand for?

What is the first thing you should do if you are looking to buy a home?

Refinancing can lower your interest rate

Which type of loan is not insured or guaranteed by the federal government?

What is the process by which a licensed professional estimates a home’s fair market value?

All mortgage loans require a 20% down payment.


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