Which of the following documents will you need to provide your lender to process your mortgage application?
a) Federal income tax returns
b) W-2s
c) Other verifiable sources of income, like alimony, commissions, bonuses, and retirement benefits
d) A complete list of your creditors
e) Investment records
f) All of the above
True or False: Mortgage shoppers who get pre-approved rather than pre-qualified have the negotiating advantage when bidding on the house of their dreams.
a) True
b) False
True or False: The advertised interest rate is the interest rate you will get on your mortgage.
Will it cost me money to lock in on an interest rate?
a) Yes
b) No
c) It depends.
Which best describes what a good faith estimate usually tells you?
a) An estimate of the interest rate you will pay over the life of the loan.
b) The closest estimate of the fees, points, and various other closing costs associated with the loan that you will pay at closing.
c) An estimate of the points and origination fees you will pay at closing.
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
