Mortgage Basics: Chapter 3 quiz

Which of the following is not an element of your credit score?

Your record of paying bills on time.

The firmness of your handshake.

How long you've been using credit.

Your mix of credit.

If you are paying 2 points on a 15-year, $175,000 mortgage, how much do you have to pay for those points?

$1,500 ($100 for each year).

Each point is $1,000, so $2,000.

$3,500 (that's 2 percent of $175,000).

Who has the biggest role in setting mortgage rates?

Traders in the secondary mortgage market.

My mortgage broker.

The Federal Reserve Board.