1. Which two of the four Cs of credit have to do with earning potential and available cash?
A). Capital B). Credit history C). Capacity D). Collateral
2. When you take out a mortgage, your home becomes collateral. TRUE or FALSE
3. Pick correct statement
A). Prequalification is a lender's estimated of how much you can afford to borrow, bases on your gross income and debts.
B). Prequalification means that you have approved from a lender to borrow up to $100,00
4.What are the disadvantages of a contract for deed? select TWO
A). Allows time to become mortgage reedy
B). Seller retains the right to the property
C). Down payment and closing costs can be negotiates
D). No professional appraisal is required, so you might pay more than the home is worth.
5. What’s the primary benefit of being prequalified for a mortgage?
A). Helps with the moving expenses B). Ensures that you're looking only at homes you can afford C). Eliminates the needs for earnest money
6. which of these is a sign that you're dealing with someone engaged in unfair lending practices?
A). They charge inappropriate high interest rates, fees and closing costs
B). They contact you first
C). They discourage you from reading loan documents.
D). They push you to apply for more than you can afford
E. All of the above
7. Which of these loan options is strongly recommended for the first time buyers? Choose ALL that apply.
A). Adjustable-rate B). Contract for deed C). Ballon D). Fixed rate E). Interest only
8.Lenders usually wants to see 12-18 months of positive credit history (Low balances, no late or missed payment, etc.) before approving you for a mortgage. TRUE or FALSE.
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