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CHAPTER VIII
Homework time
  1. 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
  2. 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
  3. True or False: The advertised interest rate is the interest rate you will get on your mortgage.

    a) True
    b) False
  4. Will it cost me money to lock in on an interest rate?

    a) Yes
    b) No
    c) It depends.
  5. 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

 
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