5. Whats the primary benefit of being prequalified for a mortgage? A). Helps wit

Question

5. Whats the primary benefit of being prequalified for a mortgage? A). Helps with the moving expenses B). Ensures that you're looking only at homes you can afford C). Eliminates the nees for earnest money

6. which of these is a sign that you're dealing wih someone engaged in unfair lending practices? A). They charge inappropriate high intrest rates, fees and closing costs B). They contact you first C). They discourage you from reading loan documents. D). They push you to apply for more than you can afford E. All of the above

7. Which of these loan options is strongly recommended for the first time buyers? Choose ALL that apply. A). Adjustable-rate B). Contract for deed C). Ballon D). Fixed rate E). Interest only

8.Lenders usually wants to see 12-18 months of positive credit history (Low balances, no late or missed payment, etc) before approving you for a mortagage. TRUE or FALSE.

Explanation / Answer

5. A: helps with the moving expenses.

6. E: All of the above.

7. B. Contract For deed and D. Fixed Rate

8. TRUE

6.

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