Mortgage Practice

Mortgage Practice

9th - 12th Grade

20 Qs

quiz-placeholder

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Mortgage Practice

Mortgage Practice

Assessment

Quiz

Mathematics

9th - 12th Grade

Easy

CCSS
6.NS.C.7C

Standards-aligned

Created by

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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