• When applying for a traditional mortgage, are you typically required to verify your income?

    1. Always
    2. Only if the lender asks
    3. Never
    4. Only if you're self-employed

    When applying for a traditional mortgage, are you typically required to verify your income?

    1. Always
    2. Only if the lender asks
    3. Never
    4. Only if you're self-employed

    When applying for a traditional mortgage, are you typically required to verify your income?

    1. Always
    2. Only if the lender asks
    3. Never
    4. Only if you're self-employed

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  • As a contract worker, can you use your income to qualify for a mortgage?

    1. Yes, but only if you've been contracting for over 10 years
    2. No, contract work income is never considered
    3. Yes, but you'll typically need to provide more documentation than a traditional employee
    4. Yes, but only if you work for a Fortune 500 company

    As a contract worker, can you use your income to qualify for a mortgage?

    1. Yes, but only if you've been contracting for over 10 years
    2. No, contract work income is never considered
    3. Yes, but you'll typically need to provide more documentation than a traditional employee
    4. Yes, but only if you work for a Fortune 500 company

    As a contract worker, can you use your income to qualify for a mortgage?

    1. Yes, but only if you've been contracting for over 10 years
    2. No, contract work income is never considered
    3. Yes, but you'll typically need to provide more documentation than a traditional employee
    4. Yes, but only if you work for a Fortune 500 company

  • What are the three most important criteria to qualify to buy a house?

    1. Employment history, marital status, and educational background.
    2. Social connections, job title, and credit card limits.
    3. Credit score, income, and down payment.
    4. Neighborhood preference, family size, and housing taste.

    What are the three most important criteria to qualify to buy a house?

    1. Employment history, marital status, and educational background.
    2. Social connections, job title, and credit card limits.
    3. Credit score, income, and down payment.
    4. Neighborhood preference, family size, and housing taste.

    What are the three most important criteria to qualify to buy a house?

    1. Employment history, marital status, and educational background.
    2. Social connections, job title, and credit card limits.
    3. Credit score, income, and down payment.
    4. Neighborhood preference, family size, and housing taste.

  • What is the difference between pre-approval and pre-qualification for a mortgage?

    1. They are the same thing.
    2. Pre-approval is a lender's estimate of how much you can afford, while pre-qualification is a firm commitment to lend you that amount.
    3. Pre-qualification is a lender's estimate of how much you can afford, while pre-approval is a firm commitment to lend you that amount.
    4. Pre-approval is when you choose a house, and pre-qualification is when you sell a house.

    What is the difference between pre-approval and pre-qualification for a mortgage?

    1. They are the same thing.
    2. Pre-approval is a lender's estimate of how much you can afford, while pre-qualification is a firm commitment to lend you that amount.
    3. Pre-qualification is a lender's estimate of how much you can afford, while pre-approval is a firm commitment to lend you that amount.
    4. Pre-approval is when you choose a house, and pre-qualification is when you sell a house.

    What is the difference between pre-approval and pre-qualification for a mortgage?

    1. They are the same thing.
    2. Pre-approval is a lender's estimate of how much you can afford, while pre-qualification is a firm commitment to lend you that amount.
    3. Pre-qualification is a lender's estimate of how much you can afford, while pre-approval is a firm commitment to lend you that amount.
    4. Pre-approval is when you choose a house, and pre-qualification is when you sell a house.

  • What is the most commonly used credit scoring model?

    1. CreditMax
    2. FICO
    3. CreditPrime
    4. CreditBoost

    What is the most commonly used credit scoring model?

    1. CreditMax
    2. FICO
    3. CreditPrime
    4. CreditBoost

    What is the most commonly used credit scoring model?

    1. CreditMax
    2. FICO
    3. CreditPrime
    4. CreditBoost

  • What is the debt-to-income ratio and why is it important for getting a mortgage?

    1. It's a ratio that calculates the percentage of your monthly rent in relation to your overall debts.
    2. It's an index that lenders use to determine the size of the home you're allowed to purchase.
    3. It's a measure of how much debt you have compared to your income and helps lenders determine your ability to manage monthly payments.
    4. It's a measure of how much debt you have compared to your mortgage and is used to calculate property taxes.

    What is the debt-to-income ratio and why is it important for getting a mortgage?

    1. It's a ratio that calculates the percentage of your monthly rent in relation to your overall debts.
    2. It's an index that lenders use to determine the size of the home you're allowed to purchase.
    3. It's a measure of how much debt you have compared to your income and helps lenders determine your ability to manage monthly payments.
    4. It's a measure of how much debt you have compared to your mortgage and is used to calculate property taxes.

    What is the debt-to-income ratio and why is it important for getting a mortgage?

    1. It's a ratio that calculates the percentage of your monthly rent in relation to your overall debts.
    2. It's an index that lenders use to determine the size of the home you're allowed to purchase.
    3. It's a measure of how much debt you have compared to your income and helps lenders determine your ability to manage monthly payments.
    4. It's a measure of how much debt you have compared to your mortgage and is used to calculate property taxes.

  • Which credit score range is typically considered too low to qualify for a conventional mortgage?

    1. 740-850
    2. 670-739
    3. 580-669
    4. 300-579

    Which credit score range is typically considered too low to qualify for a conventional mortgage?

    1. 740-850
    2. 670-739
    3. 580-669
    4. 300-579

    Which credit score range is typically considered too low to qualify for a conventional mortgage?

    1. 740-850
    2. 670-739
    3. 580-669
    4. 300-579

  • When buying a multi-unit property, can you account for the expected rental income from the other units in your mortgage application?

    1. No, lenders only consider your personal income.
    2. Yes, but only for properties with more than four units.
    3. Yes, many lenders will consider expected rental income when evaluating your loan application.
    4. No, rental income can only be considered after two years of property ownership.

    When buying a multi-unit property, can you account for the expected rental income from the other units in your mortgage application?

    1. No, lenders only consider your personal income.
    2. Yes, but only for properties with more than four units.
    3. Yes, many lenders will consider expected rental income when evaluating your loan application.
    4. No, rental income can only be considered after two years of property ownership.

    When buying a multi-unit property, can you account for the expected rental income from the other units in your mortgage application?

    1. No, lenders only consider your personal income.
    2. Yes, but only for properties with more than four units.
    3. Yes, many lenders will consider expected rental income when evaluating your loan application.
    4. No, rental income can only be considered after two years of property ownership.

  • What do interest rates primarily represent when getting a mortgage?

    1. The cost of home insurance.
    2. The commission paid to real estate agents.
    3. The cost of borrowing money from the lender.
    4. The appreciation rate of the home's value.

    What do interest rates primarily represent when getting a mortgage?

    1. The cost of home insurance.
    2. The commission paid to real estate agents.
    3. The cost of borrowing money from the lender.
    4. The appreciation rate of the home's value.

    What do interest rates primarily represent when getting a mortgage?

    1. The cost of home insurance.
    2. The commission paid to real estate agents.
    3. The cost of borrowing money from the lender.
    4. The appreciation rate of the home's value.

  • What is typically the lowest down payment percentage required for a conventional mortgage?

    1. 0%
    2. 3%
    3. 10%
    4. 20%

    What is typically the lowest down payment percentage required for a conventional mortgage?

    1. 0%
    2. 3%
    3. 10%
    4. 20%

    What is typically the lowest down payment percentage required for a conventional mortgage?

    1. 0%
    2. 3%
    3. 10%
    4. 20%

  • What is the typical range for closing costs as a percentage of your loan amount?

    1. 1-2%
    2. 2-5%
    3. 5-7%
    4. 7-10%

    What is the typical range for closing costs as a percentage of your loan amount?

    1. 1-2%
    2. 2-5%
    3. 5-7%
    4. 7-10%

    What is the typical range for closing costs as a percentage of your loan amount?

    1. 1-2%
    2. 2-5%
    3. 5-7%
    4. 7-10%

  • What is private mortgage insurance (PMI) and when is it required?

    1. PMI is required when the down payment is less than 10%.
    2. PMI is a type of home insurance required for all mortgages.
    3. PMI is required when the down payment is less than 20% and it protects the lender if the borrower defaults.
    4. PMI is optional insurance that homeowners can choose if they want extra protection.

    What is private mortgage insurance (PMI) and when is it required?

    1. PMI is required when the down payment is less than 10%.
    2. PMI is a type of home insurance required for all mortgages.
    3. PMI is required when the down payment is less than 20% and it protects the lender if the borrower defaults.
    4. PMI is optional insurance that homeowners can choose if they want extra protection.

    What is private mortgage insurance (PMI) and when is it required?

    1. PMI is required when the down payment is less than 10%.
    2. PMI is a type of home insurance required for all mortgages.
    3. PMI is required when the down payment is less than 20% and it protects the lender if the borrower defaults.
    4. PMI is optional insurance that homeowners can choose if they want extra protection.

  • What are the costs of homeownership beyond the mortgage?

    1. Property taxes, insurance, and parking
    2. Property taxes, insurance, and maintenance
    3. Property taxes, utility bills, and parking
    4. Property taxes and home maintenance costs

    What are the costs of homeownership beyond the mortgage?

    1. Property taxes, insurance, and parking
    2. Property taxes, insurance, and maintenance
    3. Property taxes, utility bills, and parking
    4. Property taxes and home maintenance costs

    What are the costs of homeownership beyond the mortgage?

    1. Property taxes, insurance, and parking
    2. Property taxes, insurance, and maintenance
    3. Property taxes, utility bills, and parking
    4. Property taxes and home maintenance costs

  • What is the primary role of escrow in a real estate transaction?

    1. To ensure the property meets appraisal standards prior to the completion of a sale.
    2. To provide an unbiased third party that holds funds and documents until all conditions of a transaction are met.
    3. To provide an assessment of the property’s market value in comparison with other properties in the area. 
    4. To organize and facilitate open house events and private showings for interested buyers.

    What is the primary role of escrow in a real estate transaction?

    1. To ensure the property meets appraisal standards prior to the completion of a sale.
    2. To provide an unbiased third party that holds funds and documents until all conditions of a transaction are met.
    3. To provide an assessment of the property’s market value in comparison with other properties in the area. 
    4. To organize and facilitate open house events and private showings for interested buyers.

    What is the primary role of escrow in a real estate transaction?

    1. To ensure the property meets appraisal standards prior to the completion of a sale.
    2. To provide an unbiased third party that holds funds and documents until all conditions of a transaction are met.
    3. To provide an assessment of the property’s market value in comparison with other properties in the area. 
    4. To organize and facilitate open house events and private showings for interested buyers.

  • What is a home appraisal?

    1. An assessment of a home's energy efficiency
    2. An estimation of a home's market value
    3. A review of the home's title history
    4. A check on the criminal history of a property’s neighborhood

    What is a home appraisal?

    1. An assessment of a home's energy efficiency
    2. An estimation of a home's market value
    3. A review of the home's title history
    4. A check on the criminal history of a property’s neighborhood

    What is a home appraisal?

    1. An assessment of a home's energy efficiency
    2. An estimation of a home's market value
    3. A review of the home's title history
    4. A check on the criminal history of a property’s neighborhood

  • What are inspections for and why are they important?

    1. They provide an assessment of a home's energy efficiency.
    2. They verify if the property matches the description provided in its listing.
    3. They determine if the property's layout conforms to local zoning regulations.
    4. They evaluate a property's condition and uncover potential issues

    What are inspections for and why are they important?

    1. They provide an assessment of a home's energy efficiency.
    2. They verify if the property matches the description provided in its listing.
    3. They determine if the property's layout conforms to local zoning regulations.
    4. They evaluate a property's condition and uncover potential issues

    What are inspections for and why are they important?

    1. They provide an assessment of a home's energy efficiency.
    2. They verify if the property matches the description provided in its listing.
    3. They determine if the property's layout conforms to local zoning regulations.
    4. They evaluate a property's condition and uncover potential issues

  • How is the repayment for many down payment assistance programs typically structured?

    1. They always require repayment within the first six months.
    2. They often come as grants that might not require repayment.
    3. They always have a higher interest rate than the primary mortgage.
    4. Repayment is required in full at the time of the home's resale

    How is the repayment for many down payment assistance programs typically structured?

    1. They always require repayment within the first six months.
    2. They often come as grants that might not require repayment.
    3. They always have a higher interest rate than the primary mortgage.
    4. Repayment is required in full at the time of the home's resale

    How is the repayment for many down payment assistance programs typically structured?

    1. They always require repayment within the first six months.
    2. They often come as grants that might not require repayment.
    3. They always have a higher interest rate than the primary mortgage.
    4. Repayment is required in full at the time of the home's resale

  • On average, historically, how much have homes appreciated in value each year in the U.S.?

    1. 1-2%
    2. 3-5%
    3. 6-8%
    4. 9-11%

    On average, historically, how much have homes appreciated in value each year in the U.S.?

    1. 1-2%
    2. 3-5%
    3. 6-8%
    4. 9-11%

    On average, historically, how much have homes appreciated in value each year in the U.S.?

    1. 1-2%
    2. 3-5%
    3. 6-8%
    4. 9-11%

  • Which of the following is a common tax benefit of homeownership?

    1. Deduction of entertainment expenses.
    2. Deduction of property taxes and mortgage interest.
    3. Deduction of monthly grocery bills.
    4. Deduction of car payments.

    Which of the following is a common tax benefit of homeownership?

    1. Deduction of entertainment expenses.
    2. Deduction of property taxes and mortgage interest.
    3. Deduction of monthly grocery bills.
    4. Deduction of car payments.

    Which of the following is a common tax benefit of homeownership?

    1. Deduction of entertainment expenses.
    2. Deduction of property taxes and mortgage interest.
    3. Deduction of monthly grocery bills.
    4. Deduction of car payments.

  • What is the difference between a fixed-rate and variable-rate mortgage?

    1. Fixed-rate mortgages adjust their interest rates annually, while variable-rate mortgages remain constant.
    2. Fixed-rate mortgages always have higher interest rates than variable-rate mortgages.
    3. Fixed-rate mortgages have a constant interest rate throughout the life of the loan, while variable-rate mortgages can change over time.
    4. Fixed-rate mortgages are only for commercial properties, while variable-rate mortgages are for residential homes.

    What is the difference between a fixed-rate and variable-rate mortgage?

    1. Fixed-rate mortgages adjust their interest rates annually, while variable-rate mortgages remain constant.
    2. Fixed-rate mortgages always have higher interest rates than variable-rate mortgages.
    3. Fixed-rate mortgages have a constant interest rate throughout the life of the loan, while variable-rate mortgages can change over time.
    4. Fixed-rate mortgages are only for commercial properties, while variable-rate mortgages are for residential homes.

    What is the difference between a fixed-rate and variable-rate mortgage?

    1. Fixed-rate mortgages adjust their interest rates annually, while variable-rate mortgages remain constant.
    2. Fixed-rate mortgages always have higher interest rates than variable-rate mortgages.
    3. Fixed-rate mortgages have a constant interest rate throughout the life of the loan, while variable-rate mortgages can change over time.
    4. Fixed-rate mortgages are only for commercial properties, while variable-rate mortgages are for residential homes.

  • What down payment is required of a mortgage for veterans, called a VA loan?

    1. 20% of the home's value.
    2. 5% to 10% depending on credit score.
    3. 3.5% if they have good credit.
    4. 0% down payment is typically required.

    What down payment is required of a mortgage for veterans, called a VA loan?

    1. 20% of the home's value.
    2. 5% to 10% depending on credit score.
    3. 3.5% if they have good credit.
    4. 0% down payment is typically required.

    What down payment is required of a mortgage for veterans, called a VA loan?

    1. 20% of the home's value.
    2. 5% to 10% depending on credit score.
    3. 3.5% if they have good credit.
    4. 0% down payment is typically required.

  • Which of the following best describes a USDA loan?

    1. A loan specifically for urban properties.
    2. A loan for companies certified by the FDA
    3. A mortgage option for eligible rural and suburban homebuyers, often with no down payment required.
    4. A loan available only to university students.

    Which of the following best describes a USDA loan?

    1. A loan specifically for urban properties.
    2. A loan for companies certified by the FDA
    3. A mortgage option for eligible rural and suburban homebuyers, often with no down payment required.
    4. A loan available only to university students.

    Which of the following best describes a USDA loan?

    1. A loan specifically for urban properties.
    2. A loan for companies certified by the FDA
    3. A mortgage option for eligible rural and suburban homebuyers, often with no down payment required.
    4. A loan available only to university students.

  • What is a home equity line of credit (HELOC)?

    1. A loan to pay off credit card debts.
    2. A type of insurance for homeowners.
    3. A revolving line of credit using your home's equity as collateral.
    4. A one-time loan given at the time of home purchase.

    What is a home equity line of credit (HELOC)?

    1. A loan to pay off credit card debts.
    2. A type of insurance for homeowners.
    3. A revolving line of credit using your home's equity as collateral.
    4. A one-time loan given at the time of home purchase.

    What is a home equity line of credit (HELOC)?

    1. A loan to pay off credit card debts.
    2. A type of insurance for homeowners.
    3. A revolving line of credit using your home's equity as collateral.
    4. A one-time loan given at the time of home purchase.

  • When might a refinance loan be a good option?

    1. When you want to purchase a second home.
    2. When you want to renegotiate the terms, possibly get a lower interest rate, or tap into home equity.
    3. When you want to finance another investment such as student loans using your home’s equity.
    4. When you want to get a second mortgage on your home.

    When might a refinance loan be a good option?

    1. When you want to purchase a second home.
    2. When you want to renegotiate the terms, possibly get a lower interest rate, or tap into home equity.
    3. When you want to finance another investment such as student loans using your home’s equity.
    4. When you want to get a second mortgage on your home.

    When might a refinance loan be a good option?

    1. When you want to purchase a second home.
    2. When you want to renegotiate the terms, possibly get a lower interest rate, or tap into home equity.
    3. When you want to finance another investment such as student loans using your home’s equity.
    4. When you want to get a second mortgage on your home.

  • What is the typical loan term for a mortgage?

    1. 5 or 10 years.
    2. 15 or 30 years.
    3. 50 years.
    4. 2 years, then it must be refinanced.

    What is the typical loan term for a mortgage?

    1. 5 or 10 years.
    2. 15 or 30 years.
    3. 50 years.
    4. 2 years, then it must be refinanced.

    What is the typical loan term for a mortgage?

    1. 5 or 10 years.
    2. 15 or 30 years.
    3. 50 years.
    4. 2 years, then it must be refinanced.
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