Multiple Choice Questions

Put X dollars into savings every paycheck, put your tax refund or a raise into your savings.
  • What's the difference between prequalification and preapproval?
  • What's the difference between fixed expenses and flexible expenses? What's a periodic expense?
  • What's a good idea in terms of putting more money into savings from a Homeownership Advisor?
  • What is amortization?
If you have accounts that have been open a long time, that helps your credit. If you have inactive accounts, that could hurt your credit. Also, opening too many accounts in a short time can hurt your score.
  • How was underwriting done before, and how is it done today?
  • How do you calculate discretionary income?
  • How do your credit card accounts help or hurt your credit?
  • Can you get your credit score and credit report for free?
It's a special account used to collect and hold monthly payments for property taxes and insurance. These payments are folded into your monthly mortgage payment. When the expenses come due, the lender pays them for you from the escrow account. It's like having a dedicated savings account without the interest.
  • What is the purchase agreement?
  • What is a Real Estate Attorney?
  • What is an escrow account?
  • What is the principal?
Someone who scrutinizes and approves your loan on behalf of the lender.
  • What is a facilitator?
  • Who is the closing agent?
  • What's a mortgage broker?
  • What is the underwriter?
Payments are spread out over a set period of time: the term of the loan (30 years in our case)
  • What is the principal?
  • What is amortization?
  • What is a Real Estate Attorney?
  • What is equity?
We can deduct mortgage closing costs and earn tax credits on upgrades such as solar panels
  • Can you get your credit score and credit report for free?
  • Can we deduct mortgage closing costs?
  • What is a Real Estate Attorney?
  • How can you get your credit score?
They provide guidance throughout the home buying process
  • What is the purchase agreement?
  • What is the principal?
  • What is a Homeownership Advisor?
  • What is a Real Estate Attorney?
The amount you borrowed from the lender
  • What is the purchase agreement?
  • What is defaulting?
  • What is a Homeownership Advisor?
  • What is the principal?
Fixed expenses occur regularly without changing much (e.g. rent, utilities). Flexible expenses are discretionary, such as clothes, Starbucks, etc. A periodic expense is a expense that might be paid quarterly or annually, such as car insurance.
  • What's the difference between fixed expenses and flexible expenses? What's a periodic expense?
  • What's a good idea in terms of putting more money into savings from a Homeownership Advisor?
  • What's the single best way to improve your credit?
  • What's the difference between prequalification and preapproval?
It's a written contract signed by the buyer and seller specifying the terms and conditions of the sold property.
  • What is the purchase agreement?
  • What is an escrow account?
  • What is the principal?
  • What is a Real Estate Attorney?
Equity is the amount of ownership a homeowner has in their home. You subtract the balance on the mortgage from the current market value.
  • What is equity?
  • What is the purchase agreement?
  • What is defaulting?
  • What is amortization?
It's any person or company to whom money is owed
  • What is the underwriter?
  • What is a creditor?
  • What is a facilitator?
  • What's a mortgage broker?
850
  • What is a Real Estate Attorney?
  • What is the purchase agreement?
  • What is a Homeownership Advisor?
  • What score does FICO top out at?
You can get your credit report for free once a year. You can get your credit score for a fee.
  • Can we deduct mortgage closing costs?
  • How do your credit card accounts help or hurt your credit?
  • How can you get your credit score?
  • Can you get your credit score and credit report for free?
Pay your bills on time
  • What are closing costs typically in % of the home loan?
  • What's the difference between prequalification and preapproval?
  • What's the single best way to improve your credit?
  • Will checking your credit report hurt your score?
You can purchase it from one of the credit reporting bureaus.
  • How do you calculate discretionary income?
  • Can you get your credit score and credit report for free?
  • Can we deduct mortgage closing costs?
  • How can you get your credit score?
This is sometimes called an "escrow officer". They represent the title company and facilitate the final transaction. They conduct the closing (although the real estate attorney might do this).
  • What is a facilitator?
  • What's a mortgage broker?
  • What is the underwriter?
  • Who is the closing agent?
No, as long as you do it from www.annualcreditreport.com
  • Will checking your credit report hurt your score?
  • What's the single best way to improve your credit?
  • How can you get your credit score?
  • How do you calculate discretionary income?
They review the offer you make, and helps to resolve issues like title insurance and environmental laws.
  • What is the purchase agreement?
  • What is a Real Estate Attorney?
  • What is amortization?
  • What is a Homeownership Advisor?
7 years, and bankruptcy for 7-10 years
  • How can you get your credit score?
  • How long do late payments, judgments, and foreclosures stay on your record? How about bankruptcy?
  • How do you calculate discretionary income?
  • What's a good idea in terms of putting more money into savings from a Homeownership Advisor?
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Multiple Choice Questions
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