Understanding Mortgages

Quiz
•
Mathematics
•
12th Grade
•
Medium
+5
Standards-aligned
Kevin McMahon
Used 15+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a mortgage?
A savings account for home repairs
A government grant for first-time homebuyers
A type of insurance policy
A loan to buy or refinance a home
Tags
CCSS.HSA.SSE.B.4
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What does it mean if a mortgage is 'secured'?
It is backed by collateral, such as the home
It has a fixed interest rate
It is guaranteed by the government
It has no interest rate
Tags
CCSS.RI.11-12.5
CCSS.RI.6.5
CCSS.RI.7.5
CCSS.RI.8.5
CCSS.RI.9-10.5
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is included in a monthly mortgage payment?
Principal, interest, and other fees
Down payment
Utility bills
Renovation costs
Tags
CCSS.HSN.RN.B.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Who might need a co-signer for a mortgage?
Someone with a high credit score
A borrower with weak or no credit history
Only first-time homebuyers
Only those buying investment properties
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is PMI?
Public Mortgage Interest
Pre-Mortgage Inquiry
Private Mortgage Insurance
Personal Money Investment
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the purpose of an escrow account in a mortgage?
To collect and pay property taxes and homeowners insurance
To store the down payment until closing
To hold extra funds for home repairs
To save for future home purchases
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a conventional loan?
A loan with no interest
A government-backed loan
A loan not insured by the federal government
A loan only for military veterans
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