Buying a House: Mortgage Types & Loan Length

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which type of mortgage loan maturity provides the smallest monthly payment but most interest over the life of the loan?

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1. Sue is interested in purchasing her first home, which is $200,000. She has only around $8000 for down payment and has never served in the military. Which type of loan would be most appropriate for Sue?

2. How can a mortgage loan be beneficial?

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About This Quiz & Worksheet

When planning to purchase a home, the buyer has various forms of loans to consider. This quiz and worksheet combination will test you on several of these types of mortgages.

Quiz & Worksheet Goals

This quiz will test you on the following:

  • Mortgage loan for military service members and their families
  • Definition of principal
  • Difference between 15 and 30 year mortgages

Skills Practiced

Be prepared to utilize the following skills:

  • Critical thinking - apply relevant concepts to examine a practice scenario to determine which mortgage option to choose
  • Information recall - access the knowledge you've gained regarding principals
  • Knowledge application - use your knowledge to answer questions about different types of mortgages

Additional Learning

Further your understanding by reviewing the related lesson, Buying a House: Mortgage Types & Loan Length. This lesson will address the following objectives:

  • Define what a mortgage is
  • Know components of a mortgage loan, including principal and interest
  • Differentiate between a variety of mortgage loans
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