Home Equity Quiz

1. The credit limit refers to:

A limit on how much the variable interest rate may increase during the life of the plan The maximum amount that may be borrowed under the home equity plan Maximum dollar amount of fees paid at closing A measure of the total cost of credit

2. Equity is defined as the difference between the fair market value (appraised value) of the home and the:

Index Outstanding Mortgage Balance(s) Margin None of the above

3. The most commonly used Index is:

The most commonly used Index is: The 30 year mortgage rate The Prime Rate The 15 year mortgage rate

4. Which of the following is considered when determining margin?

Credit score Documentation Ratio of total mortgage debt to property value All of the above

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  <h1 style="color: #376e93;">Home Equity Quiz </h1>
         
    <br />        
      <div style="padding: 5px 0;">1.
      <strong>The credit limit refers to:</strong>  
    </div>
                <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5486]" value="A" /> A limit on how much the variable interest rate may increase during the life of the plan</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5486]" value="B" /> The maximum amount that may be borrowed under the home equity plan</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5486]" value="C" /> Maximum dollar amount of fees paid at closing</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5486]" value="D" /> A measure of the total cost of credit</label>
      <br />        
      <div style="padding: 5px 0;">2.
      <strong>Equity is defined as the difference between the fair market value (appraised value) of the home and the:</strong>  
    </div>
                <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5487]" value="A" /> Index</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5487]" value="B" /> Outstanding Mortgage Balance(s)</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5487]" value="C" /> Margin</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5487]" value="D" /> None of the above</label>
      <br />        
      <div style="padding: 5px 0;">3.
      <strong>The most commonly used Index is:</strong>  
    </div>
                <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5488]" value="A" /> The most commonly used Index is:</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5488]" value="B" /> The 30 year mortgage rate</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5488]" value="C" /> The Prime Rate</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5488]" value="D" /> The 15 year mortgage rate</label>
      <br />        
      <div style="padding: 5px 0;">4.
      <strong>Which of the following is considered when determining margin?</strong>  
    </div>
                <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5489]" value="A" /> Credit score</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5489]" value="B" /> Documentation</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5489]" value="C" /> Ratio of total mortgage debt to property value</label>
                  <label style="display: block; margin: 3px 0;"><input type="radio" name="correctAnswer[5489]" value="D" /> All of the above</label>
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      <div><label for="userName">Your name</label>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <input type="text" name="userName" id="userName" value="" style="width: 300px;" />     
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      <label for="userEmail">E-mail address</label>
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