The Refinance Quiz
(1) Which, if any, of the following fees are common when you refinance?
a. Application fee b. Title search fee c. Loan origination fee d. None of the above e. All of the above
(2) Which of the following determines mortgage rates?
a. Bond market trading b. Crude oil prices c. Federal interest rate d. Stock market
(3) What does FICO stand for?
a. Federal Index of Credit b. Federation of Important Creditors c. Fair Isaac Co. d. None of the above
(4) What is the primary determinant of your FICO Credit Score?
a. Payment history b. Amount and distribution of current debts c. Age of accounts d. Mix of credit
(5) Which are major reasons to refinance your mortgage?
a. To consolidate short term debt such as credit card debt into a single mortgage payment b. To borrow against the equity of your home for home improvements, vacation or other immediate needs c. To shorten the length of the loan d. To lower your monthly payments e. All of the above
(6) Private Mortgage Insurance is necessary:
a. When the mortgage exceeds 80% of the value of the home b. On all mortgage refinances c. On all home equity lines of credit d. On all Cash-Out Refinance loans
(7) What is the break-even period?
a. The minimum length of time you must stay in your home to make refinancing worthwhile b. The amount of time it will take to pay off your loan c. The period of time you are paying off the refinance costs d. None of the above
Once you have finished you can check your answers below
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Answers: (1) e. (2) c. (3) c. (4) a. (5) e. (6) a. (7) a.Â
