Mortgage Quizizz

What happens to the loan amount when you put down a larger down payment?

• Decreases
• Increases
• No change

What happens to the cost of a loan when the interest rate is higher?

• Loan cost increases
• Loan cost decreases
• No change

What is the consequence of having a poor credit score?

• None of these answers are correct
• May have a higher interest rate

• May pay a lower APR
• You never get a loan

You want to pay less in overall interest. Every interest rate is the same. Select the best mortgage for you.

• 10 year loan
• 15 year loan
• 20 year loan
• 30 year loan

There are times that renting is better than buying.

• Agree
• Disagree

What percent of your monthly NET income should your monthly mortgage, taxes, and insurance be?

• 45% - 50%

• 40% - 45%

• Less than 35%

Elaine and Ronald Sumter consider purchasing a new home for $179,000. A 15 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

• $26,850

• $152,150

• $28,650

• $152,510

The normal _______ for a mortgage is up to 30 years

• Term

• Interest Rate

• Loan

The Lawrence's consider purchasing a new home for $224,000. A 10 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

• $20,160.00

• $22,400

• $201,600

If the cash price of an house is $230,000, and you are asked to make a down payment of 10%, how much will you pay?

• $23,000

• $2,300

• $20,700