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Guide for Mortgage Quiz

Quiz Mortgage Quiz

10/405 Questions|Updated on 2023/11/06
Free Test
/ 10
|
4.6

Quiz

1/10
LIBOR, LTV, mortgage lenders and mortgage terms
What does LIBOR stand for in the context of mortgages?
Select the answer
1 correct answer
A.
Loan-to-Value Ratio
B.
London Interbank Offered Rate
C.
Mortgage Lender
D.
Mortgage Term

Quiz

2/10
Mortgage affordability and budgeting
What is the recommended percentage of your income to spend on mortgage payments?
Select the answer
1 correct answer
A.
20%
B.
30%
C.
40%
D.
50%

Quiz

3/10
Mortgage deposit, credit score and interest rates
Before applying for a mortgage, what is the recommended credit score you should aim for?
Select the answer
1 correct answer
A.
300-500
B.
550-700
C.
750-850
D.
900-1000

Quiz

4/10
Mortgage fees and charges (valuation fee, arrangement fee, etc.)
Which fee is charged by the lender for assessing the property you want to buy?
Select the answer
1 correct answer
A.
Completion fee
B.
Valuation fee
C.
Exit fee
D.
Arrangement fee

Quiz

5/10
Mortgage insurance and protection
What is mortgage insurance?
Select the answer
1 correct answer
A.
An insurance policy designed to protect the homeowner in the event of a natural disaster
B.
An insurance policy that protects the lender if the borrower defaults on their loan
C.
An insurance policy that guarantees a fixed interest rate for the life of the loan
D.
An insurance policy that covers any maintenance or repairs needed on the home

Quiz

6/10
Mortgage law, property tax, status certificate and refinancing
What is a status certificate?
Select the answer
1 correct answer
A.
A document that details the status of a property's mortgage
B.
A document that provides information about a condominium corporation
C.
A document that outlines the refinancing options for a property
D.
A document that calculates the property tax owed

Quiz

7/10
Mortgage repayment, house prices, pensions and stocks
Which of the following can affect mortgage repayment amounts?
Select the answer
1 correct answer
A.
Changes in house prices
B.
Pension plans
C.
Stock market fluctuations
D.
All of the above

Quiz

8/10
Mortgage types (fixed rate, tracker rate, etc.)
What is a fixed-rate mortgage?
Select the answer
1 correct answer
A.
A mortgage with an interest rate that changes over time
B.
A mortgage with an interest rate that stays the same for the duration of the loan
C.
A mortgage with an adjustable interest rate based on market conditions
D.
A mortgage that allows you to choose different interest rates at different times

Quiz

9/10
LIBOR, LTV, mortgage lenders and mortgage terms
What is the maximum Loan-to-Value Ratio (LTV) allowed by most mortgage lenders?
Select the answer
1 correct answer
A.
80%
B.
90%
C.
100%
D.
110%

Quiz

10/10
Mortgage affordability and budgeting
What should you do if you can't afford your mortgage payments?
Select the answer
1 correct answer
A.
Sell your home
B.
Refinance your mortgage
C.
Apply for a loan
D.
Ignore the problem and hope it goes away
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Info quiz:

  • Quiz name:Mortgage Quiz
  • Total number of questions:405
  • Number of questions for the test:100
  • Pass score:80%
  • Number of topics:8 Topics
Study topics:Number of questions:
  • LIBOR, LTV, mortgage lenders and mortgage terms:52 Questions
  • Mortgage affordability and budgeting:51 Questions
  • Mortgage deposit, credit score and interest rates:52 Questions
  • Mortgage fees and charges (valuation fee, arrangement fee, etc.):52 Questions
  • Mortgage insurance and protection:44 Questions
  • Mortgage law, property tax, status certificate and refinancing:52 Questions
  • Mortgage repayment, house prices, pensions and stocks:51 Questions
  • Mortgage types (fixed rate, tracker rate, etc.):51 Questions

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