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Home Loans (U.S.) Trivia Quiz

This is a quiz for homeowners on the documents that you signed at the closing.

A multiple-choice quiz by BungeeAZ. Estimated time: 3 mins.

Author
BungeeAZ

Time
3 mins

Type
Multiple Choice

Quiz #
67,084

Updated
Dec 03 21

# Qns
10

Difficulty
Average

Avg Score
8 / 10

Plays
1021

One at a Time - Single Page - Timed Game

Question 1 of 10

1. A mortgage is a loan.

True

False

NEXT>

Question 2 of 10

2. Which of the following is your promise to repay the mortgage holder? Hint

Mortgage

Good Faith Estimate

Truth in Lending

Promissory Note

NEXT>

Question 3 of 10

3. Evidence of a loan secured by property is placed on public record, generally, with _______ ? Hint

The Secretary of State

The County Clerk's Office

My loan isn't on public record

The local television station

NEXT>

Question 4 of 10

4. What is the mortgage or Deed of Trust that you sign also called? Hint

My house

UCC-1

The Security Instrument

Collateral

NEXT>

Question 5 of 10

5. The person at the closing who verifies your identity and acknowledges the documents that you sign at the closing is the ____? Hint

Secretary of State

Notary Public

County Recorder

Bank Officer

NEXT>

Question 6 of 10

6. Mortgage or Deed of Trust essentially serve the same purpose.

True

False

NEXT>

Question 7 of 10

7. The percentage rate on the loan is called? Hint

The Federal Reserve

Term

Truth in lending

The interest rate

NEXT>

Question 8 of 10

8. The length of time to repay the loan is called? Hint

The interest rate

The mortgage

The truth in lending

The term

NEXT>

Question 9 of 10

9. The lender you closed your loan with has the right to ________ your loan? Hint

Regess

Invest

Sell

Divest

NEXT>

Question 10 of 10

10. OAC is an abbreviation for? Hint

On Approved Credit

Overview All Credit

Only A Calander

Only Another Choice

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Quiz Answer Key and Fun Facts

1. A mortgage is a loan.

Answer: False

Although many lenders still refer to the entire process as a mortgage, the mortgage is not a loan, the mortgage is the security instrument that pledges the collateral against the money you are borrowing via the promissory note.

2. Which of the following is your promise to repay the mortgage holder?

Answer: Promissory Note

The promissory note is your promise to repay the mortgage lender.

3. Evidence of a loan secured by property is placed on public record, generally, with _______ ?

Answer: The County Clerk's Office

Generally, your loan is placed on public record with the County Clerk's office in the county where the property is located.

4. What is the mortgage or Deed of Trust that you sign also called?

Answer: The Security Instrument

Your home is the collateral. The mortgage or Deed of Trust (depending on where you live) indicates your home as the collateral against the loan.

5. The person at the closing who verifies your identity and acknowledges the documents that you sign at the closing is the ____?

Answer: Notary Public

The notary public is commissioned by the Secretary of State where the signing is performed. They conform the security instrument for recording and verify your identity.

6. Mortgage or Deed of Trust essentially serve the same purpose.

Answer: True

Both are recorded with the recorder's or clerk's office. Both serve the same purpose. They show your home as the collateral against the loan.

7. The percentage rate on the loan is called?

Answer: The interest rate

The percentage of interest on the loan is called the interest rate.

8. The length of time to repay the loan is called?

Answer: The term

The term on the loan is the amount of time it takes to repay the loan.

9. The lender you closed your loan with has the right to ________ your loan?

Answer: Sell

Many mortgage lenders sell loans to recoup the money they lent to you in an expeditious manner. If they sell your loan you should receive a letter from the new holder indicating where your payments should be sent to.

10. OAC is an abbreviation for?

Answer: On Approved Credit

When you see OAC it means that they will lend money to you if they find you creditworthy.

Source: Author BungeeAZ

This quiz was reviewed by FunTrivia editor stedman before going online.
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