5 What is a mortgage?

5 What is a mortgage?

The legal document used to allow a lender to use real property as collateral

The difference between what is owned vs. what is owed

The transfer of a lease agreement to a new tenant

All of the choices are incorrect.

6 Most lenders require how much of a down payment for a house?

30%

40%

20%

No down payment

7 Why might you have to pay private mortgage insurance (PMI)?

You had more than three traffic violations in the past year.

You put down less than 20% on your home.

You live in a high-risk neighborhood.

You have a history of defaults.

8 What does HELOC stand for?

Health expense license of California

Home equity line of credit

Home equity liquidation of credit

None of the answers are correct.