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Mortgage Basics  Chapter 4: Paperwork and fees
Of the documents you receive, the most important is the good-faith estimate of closing costs.
 
   
Paperwork and fees
 

Mortgage Basics: Chapter 4 quiz

If you think you've mastered the material in chapter 4 of Mortgage Basics, take our quiz. After you click the "submit" button, the answers will appear below.

  1. Which is better, mortgage prequalification or mortgage preapproval?
    Prequalification.
    Preapproval.

  2. In mortgage parlance, what do the letters GFE stand for?
    Good Faith Estimate.
    Grand Funk Enterprise.
    Graduated Fiduciary Explanation.

  3. The Truth In Lending Act requires lenders to disclose the average percentage rate (APR) of your loan. What good does that do?
    A lot. The APR, because it requires lenders to calculate their interest rates in a standardized way, lets borrowers make a true apples-to-apples comparison of different loan offers.
    Not much.

-- Posted: May 1, 2006
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