Mortgage Affordability Quiz

Use an online calculator to ______ what you can afford for a mortgage.

• calculate

• estimate

• guess

• predict

Think about your ______, like starting a family or going back to school and adjust the estimate.

• plans

• dreams

• hobbies

• vacations

Using a real estate _____

• agent

• broker

• consultant

• manager

Home loan with an interest rate that can change during the mortgage term due to changes in _____ interest rates.

• market

• fixed

• historical

• nominal

_____ ____ - limit on increases / decreases

• interest cap

• interest rate

• interest floor

• interest ceiling

Graph showing interest rate trends from 2000 to 2010

• Interest rates increased steadily

• Interest rates decreased steadily

• Interest rates remained constant

• Interest rates fluctuated

Each with different ________ dates and ________ rates

• maturity

• interest

• expiration

• growth

• inflation

Choose variable-rate, but make slightly larger payments, based on the ______ _____ rate. You’ll make steady payments and save time and interest on your mortgage.

• fixed interest

• variable interest

• prime interest

• discount interest

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