Select A Department:

Courses in this Department

How Ready Are You to Buy a Home?

Determining Your Dream Home and Finding It!

Factory Built Homes Are Worth a Look

Purchase Manufactured Homes with FHA Loan

How to Buy a Foreclosed Home

Pros and Cons of Corner Lots

Know the Neighborhood Before You Buy

Tune in to an Open House on the Radio

Finding a Qualified Broker or Agent

Shopping for a Loan and Choosing a Lender

How to Improve Your Credit

How to Survive the Loan Application Process

Making an Offer and Signing Contracts

Cancel Your Contract in 3 Days

Understanding the Closing/Settlement Process

Choosing Home Inspection and Settlement Professionals

Double Check Your New Home - The Walkthrough

Know Your Consumer Rights

Seniors Have Many Housing Opportunities

Preparing for the Big Day -- Relocating Moving

Make Your Home Your Castle - Cost Effective Redecorating Ideas


Pop Quiz

Multiple Choice:

1. Which of the following factors affect your total loan costs?
a) interest rate
b) loan term (the time it takes to pay it off)
c) maintenance and repairs
d) points
e) lender fees

2. Which of the following factors might favor choosing an Adjustable Rate Mortgage (ARM) over a Fixed Rate Mortgage?
a) if prevailing interest rates are high
b) if you plan to move in a few years
c) if you need a lower initial interest rate to qualify for a larger loan
d) if your income is likely to rise and you don't anticipate having any other large debts
e) all of the above

3. Sources that offer mortgage loans include:
a) mortgage banks
b) mortgage brokers
c) savings and loan associations
d) credit unions
e) real estate agencies

4. The places to look for loan quotes or lender referrals include:
a) real estate section of newspaper
b) friends and co-workers
c) Yellow Pages
d) the Internet
e) all of the above

5. Which of the following is NOT a variable rate loan?
a) 3/1 ARM
b) 30-year Graduated Payment Loan
c) 7/1 ARM
d) 5/1 Balloon Loan
e) all of the above

True or False:

6. The interest rate and monthly payments on a fixed rate loan stay the same for the life of the loan.
True False

7. Fixed rate loans are most attractive when interest rates are high.
True False

8. Points and lender fees do not dramatically affect the upfront costs of a loan.
True False

9. ARM loans offer an initial interest rate that is typically 2-3 percentage points lower than a fixed rate loan.
True False

10. Finding the best mortgage is a matter of picking the right type of loan for your personal financial situation, and searching as many sources as possible for the best rates.
True False

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