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What is escrow ?

Monthly mortgage

Property taxes and insurance

Electric bill

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Typical closing costs can range from:

10 to 15 percent of the loan amount.

9 to 13 percent of the loan amount.

8 to 10 percent of the loan amount.

1 to 3 percent of the loan amount.

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Making and extra mortgage payment each year shortens the life of a 30-year loan by:

Approximately 7-8 years.

About 5 years.

About 15 years.

It doesn't shorten the life of the loan, it just decreases interest costs.

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How many years you should have of employment history in order to get approved for the loan:

2 years

3 years

6 years

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What is the minimum downpayment for the first time home byers
Is required ?

4%

8%

3%

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What is the minimum credit score you should have in order to get approved:

700

600

800

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Whats is an acceptable source of downpayment:

Credit card advance and cash.

Gift from the family member

Grant from state or federal government

Gift from the family member & Grant from state or federal government

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Do closing cost be paid by the borrower or who?

Borrower

Seller

Either one

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When do you buy your furniture for your home and your new car?

At the time of signing contract.

At the time of the approval.

At the time of closing.

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What is equity?

The appraised value of your home

The interest you've paid on your mortgage

The difference between how much your home is worth and how much you owe on your mortgage

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As a homeowner you need to prepared to pay:

Mortgage, property taxes, and homeowners insurance premiums

Utilities

Both answers is correct

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What percentage of home buyers purchase their home through a REALTOR®?

95%

90%

80%

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Typical closing cost can range from:

1 to 3 percent of the loan amount

3 to 8 percent of the loan amount

8 to 10 percent of the loan amount

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The deed of trust is:

Money you have received before you qualified for the loan.

A document used in place of a mortgage in some states.

A special mortgage you can get if the lender knows you.

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What is equity?

The appraised value of your home.

The difference between how much your home is worth and how much you owe on your mortgage.

The interest you've paid on your mortgage.

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Which of the following are warning signs of financial problems that can lead to foreclosure on your home:

Maxing out credit cards

Being unable to maintain your home

Paying only the minimum amount on credit cards

All of the above

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