Podcast
Questions and Answers
Which type of loan is recommended for purchasing a home with less than a 20% down payment?
Which type of loan is recommended for purchasing a home with less than a 20% down payment?
- Adjustable Rate Mortgage (ARM) (correct)
- Fixed Interest 30yr Mortgage
- Conventional Home Loan
- 15yr fixed mortgage
What is the most common mortgage term chosen by the majority of Americans?
What is the most common mortgage term chosen by the majority of Americans?
- 15 years
- 30 years (correct)
- 20 years
- 25 years
How often can the interest on a 5/1 ARM be adjusted after the initial 5 year period?
How often can the interest on a 5/1 ARM be adjusted after the initial 5 year period?
- Every 5 years
- Every 6 months
- Every 3 years
- Every year (correct)
Which type of mortgage loan offers 100% financing for the purchase of a home?
Which type of mortgage loan offers 100% financing for the purchase of a home?
What is the primary advantage of the FHA loan program?
What is the primary advantage of the FHA loan program?
What is the purpose of an escrow account in a mortgage payment?
What is the purpose of an escrow account in a mortgage payment?
What was a common feature in subprime mortgage lending between 2001 and 2006?
What was a common feature in subprime mortgage lending between 2001 and 2006?
Which type of mortgage loan is recommended for purchasing a home with a 10% cash down payment?
Which type of mortgage loan is recommended for purchasing a home with a 10% cash down payment?
What is the interest rate difference between a 15-year fixed mortgage and a 30-year fixed mortgage?
What is the interest rate difference between a 15-year fixed mortgage and a 30-year fixed mortgage?
When does an Adjustable Rate Mortgage (ARM) allow the interest rate to be adjusted after the initial 5-year period?
When does an Adjustable Rate Mortgage (ARM) allow the interest rate to be adjusted after the initial 5-year period?
Which type of mortgage loan was most common before the Great Depression?
Which type of mortgage loan was most common before the Great Depression?
What happens at the end of a balloon mortgage term?
What happens at the end of a balloon mortgage term?
Which government-insured home loan program allows borrowers to make a down payment as low as 3.5%?
Which government-insured home loan program allows borrowers to make a down payment as low as 3.5%?
What is the primary advantage of the VA loan program?
What is the primary advantage of the VA loan program?
