Which of the following applies to a biweekly mortgage?
I. The loan is typically paid off faster
II. Twenty-six payments are made annually
III. The interest rate is typically higher
Detailed Answer
D
2
Christina has entered into a mortgage for a condominium that she intends to
rent on a weekly basis. The lender has accepted a mortgage which covers the
condominium plus all its furnishings. Which type of mortgage has Christina entered
into?
Detailed Answer
C
3
Which type of mortgage requires an upfront mortgage insurance payment
plus a monthly mortgage insurance payment?
Detailed Answer
B
4
The qualifying ratios for an FHA loan are:
Detailed Answer
D
5
Mortgage bankers are an example of:
Detailed Answer
A
6
The amount of a VA guarantee on a mortgage loan depends on:
Detailed Answer
C
7
A person who borrows money directly from the owner of the funds is an
example of:
Detailed Answer
C
8
All of the following are sources of lendable funds for mortgages except:
Detailed Answer
D
9
The association known as "Fannie Mae" is the:
Detailed Answer
A
10
Which of the following secondary mortgage market agencies is a government
agency?