Mortgage Practice
Quiz
•
Mathematics
•
9th - 12th Grade
•
Easy
Standards-aligned
Wayground Content
Used 9+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is a mortgage?
A type of insurance for homeowners.
A loan specifically used to purchase real estate, where the property serves as collateral for the loan.
A government grant for buying a house.
A personal loan for home renovations.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is equity in a home?
The total amount paid for the home over time.
The difference between the market value of a home and the amount owed on the mortgage.
The initial purchase price of the home.
The amount of money saved for future home improvements.
Tags
CCSS.6.NS.C.7C
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the difference between fixed-rate and adjustable-rate mortgages?
Fixed-rate mortgages have a constant interest rate throughout the loan term, while adjustable-rate mortgages have rates that can change periodically.
Fixed-rate mortgages have variable interest rates, while adjustable-rate mortgages have fixed rates.
Fixed-rate mortgages are only available for short terms, while adjustable-rate mortgages are long-term loans.
Fixed-rate mortgages require a larger down payment than adjustable-rate mortgages.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the purpose of a mortgage rate lock?
To secure a specific interest rate for a set period, protecting against rate fluctuations during the loan process.
To allow borrowers to change their loan amount at any time without penalties.
To provide a guarantee that the loan will be approved regardless of credit score.
To enable lenders to charge higher fees if interest rates increase.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
How does an escrow account work in a mortgage?
An escrow account is used by lenders to collect and hold funds for property taxes and insurance premiums, ensuring they are paid on time.
An escrow account is a savings account that homeowners use to save for future home improvements.
An escrow account is a type of loan that allows homeowners to borrow against their home equity.
An escrow account is a legal agreement between buyers and sellers to finalize a property sale.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the role of a mortgage broker?
A mortgage broker acts as an intermediary between borrowers and lenders, helping borrowers find the best mortgage options.
A mortgage broker is responsible for underwriting loans and approving applications.
A mortgage broker only provides financial advice without any involvement in loan processing.
A mortgage broker manages the real estate properties for clients.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is a mortgage pre-approval?
A process where a lender evaluates a borrower's financial situation to determine the maximum loan amount they can qualify for, providing a conditional commitment.
A type of insurance that protects the lender in case of borrower default.
A legal document that outlines the terms of a loan agreement between a borrower and a lender.
A financial product that allows homeowners to refinance their existing mortgage at a lower interest rate.
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