Credit Mortgages and Car Loans

A home owner must pay monthly:

• Maintenance

• Interest

• Taxes

• Insurance

The more of a down payment you make the

• Lower your interest rate

• Lower your monthly payment

• Lower your taxes

• Lower your home owner insurance

A fixed rate means

• The rate will stay the same for 5 years

• The rate will stay the same for 2 years

• The rate will stay the same for the length of the loan

• The rate will stay the same for 1 year

Tags

CCSS.7.RP.A.3

ARM stands for

• Annual reduction mortgage

• Appreciation rate monthly

• Almost ridiculous math

• Adjustable rate mortgage

The higher your FICO score

• The higher your interest rates will be

• The better your credit

• The lower your interest rates will be

• The worst your credit

Credit cards may offer

• Cash-back

• Points or miles for travel

• No payback options

A very good credit rating would be

• 1000

• 800

• 600

• 400

Reasons your minimum credit card payment may increase are

• You were late on a previous payment

• Your interest rate increased

• Your balance increased

• You are over your credit limit

The difference in a monthly mortgage payment on $175,000 at an interest rate of 6% over 30 years and an interest rate of 3.88% over 20 years is ________. Do not include taxes or insurance.

• $50

• $25

• $75

• $0

PITI stands for

• Home owners remorse

• Property inflation tax income

• Principal, interest, taxes and insurance

• Previous income tax insurance