Financing Your Purchase Quiz

You've done your research and are well on your way to becoming an informed homebuyer. Now it’s time to test your knowledge. You may even learn something new.


How much of a down payment do you need to purchase a home?

question 1/5


What are the four primary factors – often referred to as the "4 Cs" – that lenders use to determine a person's creditworthiness?

question 2/5


When will the interest rate adjust on a 3/1 adjustable-rate mortgage?A 3/1 ARM has a fixed interest rate for the first three years. After three years, the rate can change once every year for the remaining life of the loan. The same principle applies for a

question 3/5


When buying a home, when are you required to have private mortgage insurance?

question 4/5


Which mortgage type provides stable payments over the longest period of time?

question 5/5

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Great job! It looks like you’re pretty clear on what it takes to finance a home. Keep up the good work!

You’re on the right track. Consider learning more about how the financing process works. Knowledge is power!