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Mortgage Basics  Chapter 3: Your mortgage payment
Your monthly principal and interest charges are determined by the rate and the amount of the loan.
 
   
Your mortgage payment
 

Mortgage Basics: Chapter 3 quiz

If you think you've mastered the material in chapter 3 of Mortgage Basics, take our quiz. After you click the "submit" button, the answers will appear below.

  1. 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.

  2. 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).

  3. Who has the biggest role in setting mortgage rates?
    Traders in the secondary mortgage market.
    My mortgage broker.
    The Federal Reserve Board.

-- Posted: May 1, 2006
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Mortgages
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 3.93%
15 yr fixed mtg 3.03%
5/1 ARM 3.27%
Rates may include points
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