Our Mortgage I.Q. Quiz is a quick way to assess your knowledge regarding your current mortgage.
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Question 1 of 14
1. Question
5 point(s)What type of Mortgage Loan do you have?
CorrectIncorrectHint
Essentially, there are two (2) primary types of Mortgage Loans: Fixed Rate Mortgages and Adjustable Rate Mortgages.
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Question 2 of 14
2. Question
5 point(s)Do you have a 2nd mortgage, home equity loan, or HELOC?
CorrectIncorrectHint
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for repairs and maintenance, additions, large expenses, or to consolidate higher-interest rate debt on other loans.
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Question 3 of 14
3. Question
20 point(s)Do you have copies of the Mortgage Loan documents you signed at closing?
Correct 20 / 20 PointsIncorrect / 20 PointsHint
The “closing” or “settlement” of a Mortgage Loan refers to the process of signing key documents that obligate the borrower to repay the Mortgage Loan. It is critical that you maintain the copy of the closing documents in both paper and electronic format until you have paid off the Mortgage Loan.
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Question 4 of 14
4. Question
5 point(s)Does your Note contain an Interest-Only Period?
CorrectIncorrectHint
We suggest that you review the Mortgage Loan documents you were given at closing. Look for a document that will be titled Note, Fixed Rate Note, or Adjustable Rate Note. The Note will have a subtitle that will reveal whether there is an Interest-Only Period, a Balloon Payment, or a Negative Amortization feature.
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Question 5 of 14
5. Question
5 point(s)Does your Note contain a Balloon Payment?
CorrectIncorrectHint
We suggest that you review the Mortgage Loan documents you were given at closing. Look for a document that will be titled Note, Fixed Rate Note, or Adjustable Rate Note. The Note will have a subtitle that will reveal whether there is an Interest-Only Period, a Balloon Payment, or a Negative Amortization feature.
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Question 6 of 14
6. Question
5 point(s)Does your Note contain a Pay-Option ARM or Negative Amortization?
CorrectIncorrectHint
We suggest that you review the Mortgage Loan documents you were given at closing. Look for a document that will be titled Note, Fixed Rate Note, or Adjustable Rate Note. The Note will have a subtitle that will reveal whether there is an Interest-Only Period, a Balloon Payment, or a Negative Amortization feature.
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Question 7 of 14
7. Question
10 point(s)Do you keep your monthly mortgage statements whether physically or electronically?
CorrectIncorrectHint
Pursuant to 15 U.S.C. § 1638(f)(1) and Regulation Z § 1026.41(d) —which describes the content and layout of the periodic statement— the creditor, assignee, or servicer must transmit to the obligor, for each billing cycle, a statement setting forth eight separate categories of information, to the extent applicable, in a conspicuous and prominent manner.
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Question 8 of 14
8. Question
5 point(s)Do you know how much you owe on your Mortgage Loan, i.e., what is the current principal balance?
CorrectIncorrectHint
The “principal” is the amount borrowed or the amount of credit advanced. Your Mortgage Loan Servicer must provide you with a periodic/monthly mortgage statement that will tell you how much you owe as of a certain date.
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Question 9 of 14
9. Question
5 point(s)Is the value of your property Greater than or Equal to your principal balance?
CorrectIncorrectHint
To find the current fair market value of your property you can perform an internet search by typing your address into the search engine or going to zillow.com, realtor.com, or trulia.com.
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Question 10 of 14
10. Question
5 point(s)Does your monthly mortgage payment include an amount for escrow items?
CorrectIncorrectHint
All you have to do is look at your monthly mortgage statement to find out. Your Mortgage Loan Servicer must provide you with a periodic/monthly mortgage statement that will tell you how much of your monthly mortgage payment is going to principal, interest, and escrow.
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Question 11 of 14
11. Question
10 point(s)Do you know who owns your Mortgage Loan?
CorrectIncorrectHint
In the vast majority of cases, the Lender named on your Note sold your Mortgage Loan immediately after the transaction was closed. Keeping track of who owns your Mortgage Loan is extremely important because it affects your rights.
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Question 12 of 14
12. Question
5 point(s)Have you ever had a dispute with the entity that services your Mortgage Loan?
CorrectIncorrectHint
The Real Estate Settlement Procedures Act governs what a Mortgage Loan Servicer must do once you dispute how they are handling your Mortgage Loan Account.
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Question 13 of 14
13. Question
10 point(s)Did you elect to suspend your mortgage payments during the COVID-19 pandemic?
CorrectIncorrectHint
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains important mortgage protection provisions for federally backed mortgages. Federally backed mortgages include FHA loans, VA loans, USDA loans, and those that are owned or backed by Fannie Mae and Freddie Mac. The law provides for a foreclosure moratorium which has been extended from March 29, 2020, until December 31, 2020. It provides a right to mortgage forbearance for homeowners who are experiencing financial hardship due to the COVID-19 pandemic.
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Question 14 of 14
14. Question
5 point(s)Do you know what federal consumer protection laws govern your Mortgage Loan?
CorrectIncorrectHint
The most important federal consumer protection statutes are: the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act.