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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

By Bankrate.com

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
< Previous Chapter | Next Chapter >>  

TABLE OF CONTENTS
  Ch 1: Should you buy or rent?
  Ch 2: How mortgages work
  Ch 3: Your mortgage payment
  Ch 4: Paperwork and fees
  • Prequalified? You have an edge
  • Questions to expect
  • 10 questions for lender
  • Necessary paperwork
  • The good-faith estimate
  • Other lender paperwork
  • Chapter 4 quiz
  Ch 5: Underwriting
  Ch 6: Closing
  Ch 7: Ownership, after closing
  More Basics
Mortgages
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NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 5.08%
15 yr fixed mtg 4.41%
5/1 ARM 4.05%
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