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Guide for Mortgage Quiz

Quiz Mortgage Quiz

10/405 Questions|Updated on 2024/06/11
Free Test
/ 10

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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Mortgage Quiz Practice test therefore represents an excellent tool to prepare for the actual exam together with our Educational Practice Test practice test . Our Mortgage Quiz Simulator will help you assess your level of preparation and understand your strengths and weaknesses. Below you can read all the quizzes you will find in our Mortgage Quiz Simulator and how our unique Mortgage Quiz Database made up of real questions:

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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