Mortgage Affordability Quiz

Using a real estate _____

• agent

• broker

• consultant

• advisor

Lock interest rate in for ______ term.

• fixed

• short

• variable

• long

__________ – the reduction of a loan balance through payments made over a period of time.

• amortization

• capitalization

• inflation

• depreciation

_____ ____ - limit on increases / decreases.

• interest cap

• interest rate

• interest floor

• interest ceiling

What does the graph showing interest rates over time indicate?

• Interest rates are increasing

• Interest rates are decreasing

• Interest rates are stable

• Interest rates fluctuate

Options to Pay Back Your Mortgage: __________ mortgage payment

• Accelerated

• Deferred

• Fixed

• Variable

Options to Pay Back Your Mortgage: __________ The process of obtaining a new mortgage on a home to get a lower interest rate

• Refinancing

• Foreclosure

• Equity Release

• Reverse Mortgage

Understand the ________ options of your mortgage. Take advantage. Pay off your home earlier and save thousands in interest.

• different

• similar

• limited

• expensive

Bi-weekly (non-accelerated): Monthly payment x 12 months / ___ payments

• 26

• 24

• 28

• 30

Weekly (non-accelerated): Monthly payment x 12 months / ___ payments

• 52

• 48

• 50

• 54