{"introPage":{"showIntroPage":false,"startButtonText":"Start Quiz","introduction":""},"progressType":"dots","passPercentage":50,"questions":[{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

When a mortgage lender provides funds for purchasing a home, they take a secured interest in that home. Often, one of the lending conditions they put in place is that homeowners must have a hazard insurance policy to protect the value of the home. Of course, most states also require homeowners to pay property taxes. Failure to pay those taxes may result in the state seizing your property to recover the unpaid taxes. Lenders use escrow accounts to ensure that their security interest in your home is protected by making sure funds are available to pay for a homeowner's insurance policy and pay property taxes when they are due.<\/div>\n","notChosenFeedback":"

(A) Property taxes and homeowner's insurance.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Private mortgage insurance.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) Interest to be paid on the loan.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) Property maintenance and upkeep.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

As part of the loan terms, lenders may request that you establish an escrow account for the term of your loan for the payment of:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 1"},"subContentId":"124995de-e6d4-4d57-8d2c-c903b490b899"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

By law, home lenders are required to provide you with a \"Loan Estimate\" within three business days of receiving your mortgage loan application. The Loan Estimate provides you with information regarding the loan, including the interest rate, monthly payment, closings costs, and additional loan details. Loan Estimates are typically provided before your loan is approved or denied. It shows you the terms the lender expects to offer if you are approved and accept their loan offer. Before October 2015, lenders were required to provide a Good Faith Estimate and an initial Truth-In-Lending statement instead of a Loan Estimate. The Consumer Financial Protection Bureau replaced those documents with the Loan Estimate as part of the \"Know Before You Owe\" program.<\/div>\n","notChosenFeedback":"

(A) The Loan Estimate shows you what loan terms the lender expects to offer if you decide to move forward.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) The certification provided by a professional appraiser gives you the appraised price of the home you intend to purchase.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) A document that sellers of homes are required to provide to potential buyers showing that the asking price of the home was fairly arrived at.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) The document you or your realtor will provide to the seller of a home that documents your offering price for the home.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

A 'Loan Estimate' is:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 2"},"subContentId":"b905beef-a4c8-4b70-bc7c-50479867a887"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(A) Conventional.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Non-Conforming.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

A conventional loan is a mortgage that conforms to Fannie Mae and Freddie Mac guidelines. Conventional loans share a similar set of characteristics, including the maximum loan amount. The loans can be packaged and sold on the secondary market as part of investment bundles. Non-conforming loans generally do not adhere to those conforming to loan standards. The mortgage's size is the most common difference, but non-conforming mortgages can also differ based on such things as credit score requirements, debt-to-income, or loan-to-value ratios. Typically, lenders who issue non-conforming loans hold onto those loans throughout the loan term. In some cases, home purchasers who cannot qualify for a conforming or non-conforming loan may qualify for an FHA loan. The Federal Housing Administration will help potential homeowners by guaranteeing a portion of the loan in exchange for additional fees.<\/div>\n","notChosenFeedback":"

(D) HUD.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

<\/p>\n\n

Which of the following is NOT a type of mortgage:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 3"},"subContentId":"f0b8c018-7023-42f2-90fd-a94717b776b4"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(A) $250,000 for all homes across the country.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) $647,200 for a single-family home in most areas of the country.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) Up to $970,800 for high-cost areas where single-family home prices tend to be above average.<\/div>\n"},{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

For most of the country, Fannie Mae and Freddie Mac limit loan amounts at $647,000 for one-unit properties (or single-family homes). Amounts over that will require a non-conforming or 'Jumbo' loan. There are exceptions to this if a home is located in a 'high-cost county.' Those counties are primarily located in Northern & Southern California and some counties surrounding Denver, Boston, Nashville, and Seattle. In these areas, conforming loan limits are $970,800. The Federal Housing Finance Agency or FHFA is the federal agency responsible for setting these limits, which they reevaluate annually.<\/div>\n","notChosenFeedback":"

(D) Both B and C.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

For single-family home purchases in the continental United States, a non-conforming or \"Jumbo\" mortgage is required for loan amounts above:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 4"},"subContentId":"55253705-1688-4bcc-adcf-c5368ed0eed9"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

With a 5\/1 Adjustable Rate Mortgage, the rate remains unchanged for the first five years of the loan. During this period, the monthly mortgage payment remains unchanged. After the first five years, the rate can be adjusted annually for the remaining loan term or until the loan is paid off. Each time the interest rate is adjusted, the monthly payment will change accordingly. With most Adjustable Rate Mortgages, interest rate caps limit how great an interest rate increase can occur. These caps often exist for both annual increases as well as the life of the loan.<\/div>\n","notChosenFeedback":"

(A) Remain constant for the first five years of the loan term and then adjust each year thereafter.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Adjust once a year for the first five years and then remain stable for the remainder of the loan term.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) Feature a 5% APR first and then adjust up or down by 1% each year, depending on the direction of interest rates.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) Feature a low 1% introductory rate for the first year and then adjust to 5% for the loan term's remainder.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

If you elect a 5\/1 Adjustable Rate Mortgage, your rates will:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 5"},"subContentId":"9abf9909-4c26-4270-ba69-db54d555c0c2"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(A) A summary of the loan and terms being offered.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Summary of settlement charges or closing costs.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

The Loan Estimate form provides potential borrowers with important information regarding the loan for which they are applying. The Loan Estimate items are the estimated interest rate, monthly payment, and total closing costs. Also, the Loan Estimate should include information on estimated costs for taxes and insurance that may be required in the form of escrow payments and how rates, payments, and other costs may change in the future. If the loan has special features, such as prepayment penalties or negative amortization, that information is required to be disclosed on the Loan Estimate.<\/div>\n","notChosenFeedback":"

(D) A comparison to rates and fees offered by other lenders in your area.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

Which of the following are NOT included in a Loan Estimate?<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 6"},"subContentId":"73da49d2-ca5f-4756-8091-b8ca2d99bfb1"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(A) Need to lower your monthly payment to fit under a debt-to-income or housing ratio guideline.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Plan on staying in your home for an extended number of years, and paying more upfront for a lower interest rate will lower your long-term interest payments.<\/div>\n"},{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

When you obtain a mortgage, you often have an opportunity to pay 'points' that allow you to receive a lower interest rate for the remainder of the loan term. When you pay 'points,' you are paying interest in a lump sum upfront. Each point typically costs one percent of the total mortgage amount. It may make sense to buy points if you're trying to lower your overall monthly payment to comply with debt-to-income or housing ratio requirements or if you are planning to be in the home for an extended period of time. The buy-down cost is less than the amount you will pay overtime in interest charges during the remainder of the loan term.<\/div>\n","notChosenFeedback":"

(C) Both A and B.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) Neither A or B.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

It may make sense to buy mortgage discount 'points' (or pay a charge for a specific interest rate as noted on a Loan Estimate) for a lower interest rate if you:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 7"},"subContentId":"44a70737-1dcd-42c7-9dce-3cd86bffd595"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(A) The borrower must pay an upfront mortgage insurance premium (MIP) of 1.00% of the home loan, regardless of their credit score.<\/div>\n"},{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

FHA Loans can be obtained without making a 20 percent minimum down payment. FHA loan guidelines allow for 95% loan-to-value ratios for loan terms greater than 15 years. In such cases, however, borrowers are required to pay Mortgage Insurance Premiums with rates based on the base loan amount, loan-to-value, and length of the term.<\/div>\n","notChosenFeedback":"

(B) The borrower must make a down payment equal to 20% of the home's value.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) The property you are purchasing must meet certain minimum government standards at appraisal.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) The borrower must pay a monthly mortgage insurance premium (MIP) based on the borrower's loan-to-value (LTV) ratio and length of the loan.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

Which of the following is NOT a condition for obtaining a FHA (Federal Housing Administration) Loan?<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 8"},"subContentId":"7697dac7-2750-4b8d-a231-4a83ecdcecd4"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

Fixed-rate mortgages are fully amortizing loans where the interest rate on loan remains the same throughout the term of the loan, as does the monthly payment. Fixed-rate mortgages are almost always more expensive than adjustable-rate mortgages due to the risk the lender takes by guaranteeing a rate over a lengthy period of time. While the prime rate is often the underlying benchmark for setting loan rates, it is not the same as the interest rate offered on loan products. Finally, the need to pay mortgage insurance is usually determined by the loan-to-value ratio for the loan, not the interest rate.<\/div>\n","notChosenFeedback":"

(A) Always stay the same for the entire length of the loan term.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Always be lower than rates offered on adjustable-rate mortgages.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) Always be equal to the prime rate.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) Eliminate any need for you to pay for mortgage insurance.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

With a fixed rate loan, your interest rate will:<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 9"},"subContentId":"b07388d2-32e8-4274-aeb8-b0cf4725f5e4"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":true,"tipsAndFeedback":{"chosenFeedback":"

A mortgage rate lock is a lender's promise to hold a certain interest rate for a specified period of time in exchange for a certain number of points. Without a mortgage rate lock, homebuyers risk changes to interest rates while their loan is being processed and approved. A sudden increase in rates during this time period may price you out of the market.<\/div>\n","notChosenFeedback":"

(A) Guarantees that you will get the interest rate and points the lender quoted you, even while the loan is being processed.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(B) Is an alternative phrase used to describe a Fixed Rate Loan.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(C) Represents the initial period of an adjustable-rate mortgage at the end of the interest rate 'unlocks' and can be adjusted based on current market rates.<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

(D) None of the above.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":false,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

An \"interest rate lock\":<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Question 10"},"subContentId":"93f4dd10-e029-420d-a792-58e6cf01cc86"}],"disableBackwardsNavigation":false,"randomQuestions":false,"endGame":{"showResultPage":true,"showSolutionButton":true,"showRetryButton":true,"noResultMessage":"Finished","message":"Your result:","scoreBarLabel":"You got @finals out of @totals points","overallFeedback":[{"from":0,"to":100}],"solutionButtonText":"Show solution","retryButtonText":"Retry","finishButtonText":"Finish","submitButtonText":"Submit","showAnimations":false,"skippable":false,"skipButtonText":"Skip video"},"override":{"checkButton":true},"texts":{"prevButton":"Previous question","nextButton":"Next question","finishButton":"Finish","submitButton":"Submit","textualProgress":"Question: @current of @total questions","jumpToQuestion":"Question %d of %total","questionLabel":"Question","readSpeakerProgress":"Question @current of @total","unansweredText":"Unanswered","answeredText":"Answered","currentQuestionText":"Current question","navigationLabel":"Questions"}}