Your Mortgage Profile

Test your mortgage IQ

Think you know about mortgages?

Well, you're about to find out!


Answer the questions below.	Click "Tell me my mortgage IQ" to see what you know!

1. When you're applying for a mortgage, your FICO score is: The total amount of money you can borrow.; The only reason banks turn you down for a mortgage.; Your credit score, which will determine how much you pay to borrow money. Credit not the sole determinant.; The number of dogs who will be living on your property.

2. If too many mortgage companies check my credit, my credit score will go down.: True.; False.; Sometimes true, sometimes false.; What's a credit score?

3. People who have filed for bankruptcy can't qualify for mortgages.: True.; False.

4. All the fees that mortgage companies charge are designed to rip me off.: True.; False.

5. An ARM: Is a better deal than a fixed rate mortgage because the interest is lower.; Is a scam that hooks you with low rates then raises rates on you later.; Is a great solution for some financial situations.; Along with a LEG will get you a house.

6. You should check your credit rating: Every day, just to be sure.; Once or twice a year.; Only when you're applying for a loan.; Yikes!

7. The best home loan has: The lowest monthly payment possible.; The lowest interest rate.; The quickest financing.; None of the above.

8. There's no way I can get a good loan if: I have bad credit.; I have too many debts.; I'm self-employed.; All of the above are true.; None of the above are true.

9. You can only refinance your mortgage once.: True.; False.; False, but you'd have to be crazy to refinance more than once.

10. Equity: Is this great thing to borrow money against whenever you need it.; Is the basis of your wealth and future financial security.; Doesn't matter.