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CHAPTER II
Before shopping, become an expert
  1. What are the components of a typical mortgage payment?

    a) Property taxes, Investment, Theft Insurance
    b) Principal, Interest, Taxes, property Insurance
    c) Principal, Investment, Taxes, property Insurance
    d) Private mortgage insurance, Interest, Theft Insurance
  2. Which of the following is used as collateral for a mortgage?

    a. The land and home to be mortgaged
    b. A certificate of deposit or other savings deposit equal to the amount of the mortgage
    c. The down payment
  3. Amortization is:

    a) the calculated monthly payment that you make towards principal, interest, taxes, and insurance
    b) the process by which your loan payment is calculated to pay off the principal, including interest on the outstanding balance
    c) the calculation used to determine whether you will have to pay private mortgage insurance
  4. True or false: The portion of each mortgage payment paid towards principal and interest remains constant for the entire loan term.

    a) True
    b) False
  5. True or false: The lien placed by a first mortgage is special in that it takes precedence over others.

    a) True
    b) False

TABLE OF CONTENTS

CHAPTER I
  Lesson 1
  Quiz

CHAPTER II
  Lesson 2
  Quiz

CHAPTER III
  Lesson 3
  Lesson 4
  Lesson 5
  Quiz

CHAPTER IV
  Lesson 6
  Lesson 7
  Quiz

CHAPTER V
  Lesson 8
  Lesson 9
  Quiz

CHAPTER VI
  Lesson 10
  Lesson 11
  Quiz

CHAPTER VII
  Lesson 12
  Lesson 13
  Lesson 14
  Quiz

CHAPTER VIII
  Lesson 15
  Lesson 16
  Lesson 17
  Lesson 18
  Quiz

CHAPTER IX
  Lesson 19
  Quiz

CHAPTER X
  Lesson 20
  Quiz

CHAPTER XI
  Lesson 21
  Quiz

CHAPTER XII
  Lesson 22
  Lesson 23
  Lesson 24
  Quiz

CHAPTER XIII
  Lesson 25
  Lesson 26
  Lesson 27
  Quiz

CHAPTER XIV
  Lesson 28
  Lesson 29
  Lesson 30
  Quiz

Definitions

 
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