QUIZ: Test your mortgage knowledge

Mark Ramos

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.