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Financing Your Purchase Quiz

Buying a home is one of the biggest, most important investments you’ll make. It’s important to understand the financing options available to you and how you’ll qualify.

Start by educating yourself about the different types of mortgages, the factors in qualifying for a loan, down payments and private mortgage insurance. Then, test your knowledge with this quiz.

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How much of a down payment do you need to purchase a home?
What are the four primary factors – often referred to as the "4 C’s" – that lenders use to determine a person’s ability to pay back a loan?
When will the interest rate adjust on a 3/1 adjustable-rate mortgage?
When buying a home, when are you required to have private mortgage insurance?
Which mortgage type provides stable payments over the longest period of time?

CreditSmart ® Homebuyer U

Prepare for homeownership, whether you are ready to buy or still exploring your options, with CreditSmart® Homebuyer U, a free, customizable online course — also available in Spanish.

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