Welcome to your 🏠 “Can You Afford That Mortgage? Take the Quiz!”
9️⃣ If mortgage interest rates rise, what typically happens to your monthly payment (for a variable-rate loan)?
6️⃣ What happens if you choose a 15-year mortgage instead of a 30-year one?
4️⃣ If your monthly income is $5,000, what is the maximum recommended monthly housing cost?
7️⃣ What’s a good debt-to-income (DTI) ratio for mortgage approval?
1️⃣ What is the typical maximum percentage of your income that should go toward housing costs (including mortgage, taxes, and insurance)?
5️⃣ What does “APR” on a mortgage stand for?
3️⃣ Which of the following affects your mortgage interest rate the most?
🔟 Which factor most increases your total mortgage cost over time?
2️⃣ What is the standard down payment amount to avoid paying private mortgage insurance (PMI)?
8️⃣ Which of these is a benefit of pre-approval for a mortgage?
