If you think you've mastered the material in Chapter 7 of Mortgage Basics, take our quiz. After you click the "submit" button, the answers will appear below.What's the major advantage of paying extra on your mortgage?The additional interest from the additional payment increases your tax deduction.You lengthen the term of your mortgage, reducing monthly payments.You shorten the length of your mortgage with additional principal payments.In most cases, when can you ask that your private mortgage insurance policy be ended?When the amount of equity you have in your home reaches 78 percent of the home's fair market value.It varies according to whether you have a fixed-rate or adjustable-rate mortgage, but in general, after two years.Once your equity position in your home reaches 20 percent of the current market value.What are the two major types of mortgage refinancing?Cash-out and rate-and-termCash-in and cash-out.Cash-in and post. advertisementRelated Links:Mortgage or credit card debt? Which to pay firstUsing an IRA for a down payment, tax-freeWorried worker: Spend savings on mortgage?Related Articles:Mortgage vs. card debt?Time to re-refi mortgage?Interest Rate Roundup
If you think you've mastered the material in Chapter 7 of Mortgage Basics, take our quiz. After you click the "submit" button, the answers will appear below.
What's the major advantage of paying extra on your mortgage?
In most cases, when can you ask that your private mortgage insurance policy be ended?
What are the two major types of mortgage refinancing?
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Remember the wise decision that Bank of America made in August 2001 in light of the decision it's making now.
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