mortgage Paper 5

1

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






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?






3

Which type of mortgage requires an upfront mortgage insurance payment plus a monthly mortgage insurance payment?






4

The qualifying ratios for an FHA loan are:






5

Mortgage bankers are an example of:






6

The amount of a VA guarantee on a mortgage loan depends on:






7

A person who borrows money directly from the owner of the funds is an example of:






8

All of the following are sources of lendable funds for mortgages except:






9

The association known as "Fannie Mae" is the:






10

Which of the following secondary mortgage market agencies is a government agency?






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