Understanding Mortgages

Understanding Mortgages

12th Grade

10 Qs

quiz-placeholder

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Understanding Mortgages

Understanding Mortgages

Assessment

Quiz

Mathematics

12th Grade

Medium

CCSS
HSA.SSE.B.4, RI.11-12.5, HSN.RN.B.3

+5

Standards-aligned

Created by

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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