Mortgage Quiz, Test Your Knowledge

Question 1.

What are the two most important items that affect your interest rate?  

A. Credit Score and Income 

B.  Credit Score and Loan to Value 

C.  Loan to Value and Income

Answer 1.

B.  Credit Score and Loan to Value 

Question 2. 

Of all the factors that affect your credit score which one has the largest impact on your credit score? 

A.  Payment History 

B.  Balances to Limits Ratio on Your Credit Cards 

C.  The Number of Credit Inquiries You Have 

Answer 2.

A.  Payment History 

Question 3. 

Of the choices given, what is the number one factor that has the most impact on mortgage rates going up or down?  

A.  The Stock Market 

B.  Gas Prices 

C.  Inflation 

Answer 3.

C.  Inflation

Question 4. 

True or False; Only first time homebuyers are eligible for USDA and FHA financing. 

Answer 4.

False

Question 5.  

Many adjustable rate mortgages are tied to what index? 

A.  Prime Rate 

B.  The Fed Funds Rate 

C.  The LIBOR 

Answer 5.

C.  LIBOR

Question 6.  

Typically, the more you pay in closing costs; 

A. Your Rate Will Be Lower 

B. Your Rate Will Be Higher 

C. It Doesn’t Make A Difference 

Answer 6.

A. Your Rate Will Be Lower

Question 7. 

True or False; As the price of mortgage bonds go down, mortgage rates go up. 

Answer 7.

True

I appreciate your comments and questions, please email them to [email protected]

Please contact me for all your mortgage needs.    

Phone:  573-302-0600

[email protected]

Original Air Date: 6/17/2011 "Test Your Mortgage Knowledge" Run Time 5:00 Minutes

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