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
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
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
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
True or false: The lien placed by a first mortgage is special in that it takes precedence over others.
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
* Mortgage rate may include points. See rate tables for details. Click here. * To see the definition of overnight averages click here.
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