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QUIZ: How much do you really know about your mortgage?

Bethany RamosFirst-Time Homebuyer, Getting Prequalified, Home Buying, Homeowners, Loan Types, Mortgage Rates, Quizzes, Refinance

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July 20, 2018. Do you know everything there is to know about buying and owning a house? Take our quiz to find out.

What’s the first thing you need to do if you're interested in buying a house?

Which entity does not lend home loans for residential properties?

You're interested in an FHA loan insured by the Federal Housing Administration because of its lower down payment and more flexible credit requirements. Where can you get one?

What is an APR?

What is a GSE?

Will you always get the lowest mortgage rate from any lender or financial institution?

What’s used to describe the holding of documents or funds by a third-party before closing?

How much borrower DTI (Debt-to-Income) ratio is suggested for a standard home loan?

When is PMI (Private Mortgage Insurance) required?

What type of mortgage may provide a borrower with a monthly check instead of a borrower paying out a monthly payment?

Which mortgages may not require a down payment for borrowers who qualify?*

*Ask your loan officer about several low to no-down payment mortgage programs available for eligible borrowers.

Score 11-17: Back to Basics.

mortgage quiz
You have a basic knowledge of getting a mortgage, with some room for improvement. If you’re ready to buy or want to better manage your mortgage as a homeowner, it may help to review our glossary of mortgage terms or revisit our most commonly asked mortgage FAQs. Buying a house doesn’t have to be hard or complicated, and you can always reach out to your loan officer for help.

Fast. Friendly. Easy. Click here to fly into your mortgage.

Score 18-25: Good Student.

mortgage quiz
You have a solid understanding of getting a mortgage and owning a home, which can give you a leg up at the closing table. But the mortgage industry is always changing, and it helps to stay fresh. Ask your loan officer about any mortgage terms that might require some clarification and follow our mortgage news for the latest industry updates.

Score 26-33: Head of the Class.

mortgage quiz
Pat yourself on the back because you aced this mortgage knowledge pop quiz. But as any star student knows, you never stop learning. Developing a trustworthy relationship with your loan officer is a great first step if you plan on buying a house. If you’re already a homeowner, consider earning extra credit by applying for the homestead exemption to reduce your property taxes or by checking to see if you could benefit from a refinance.**

When you need a loan officer in your corner, Cornerstone is only a call or an email away. You can also download our free LoanFly app to get prequalified fast and stay in touch with a local loan officer in your area.

**While refinancing could make a significant difference in the amount you pay each month, there are other costs you should consider. Plus, your finance charges may be higher over the life of the loan.

For educational purposes only. Therefore, please contact a qualified professional for specific guidance.

Sources deemed reliable but not guaranteed.

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