Quiz – How Much Do You Know About Mortgages? Test Your Home Loan Knowledge

With so many financing options available to homebuyers, it can be tough to know the ins and outs of them all. But when you are familiar with home financing, you can make the best possible mortgage choice. Test your know-how with this quick 5-question quiz from Carthage Savings & Loan. If you have any questions, you can visit your nearby branch or reach us by calling 800-232-0450.

1. Imagine that you’re a first-time homebuyer. Which home loan would likely be the best option for you?
   1. A fixed-rate conventional loan, which requires larger down payments, higher credit scores, and a lower income-to-debt ratio
   2. A Federal Housing Association (FHA) loan, which requires lower down payments and accommodates lower credit scores
2. Which of the following is true about having a low or credit score or not having one at all?
   1. You would not be able to secure any home financing and would need to build up your score before purchasing a home.
   2. You could finance a home by taking out a loan with less stringent requirements, like an FHA loan.
3. What can you do if you want to purchase a home but cannot afford its closing costs?
   1. You must pass up on the home because you cannot afford it.
   2. You can apply for certain mortgages that eliminate the need to pay them.
4. True or false: The only way to know if you qualify for a home loan is by applying for it and waiting to hear back from the lender.
   1. True
   2. False
5. If you want to build a house, what sort of financing options exist for you?
   1. There are no financing options for home construction – you can only take out loans when you are buying a fully constructed home.
   2. You can apply for construction loans to fund your home-building project.

Check Your Answers

If you selected mostly As, Carthage Savings & Loan can help you brush up on your home financing knowledge. As the quiz shows, there are many home financing options available to you regardless of your qualifications. When you work with us, you can apply for an FHA Loan if you have a low credit score, a No Closing Cost Mortgage Program if you cannot afford to pay closing fees, or a Construction Loan if you are building a home from scratch.

If you selected mostly Bs, great job – you know your home financing stuff! By taking the time to learn about all of the different types of mortgage options, you’ll be sure to make a choice that is a great fit. If you know someone who is about to purchase a home, share the wealth by informing them about the loan offerings at Carthage Savings & Loan – and don’t forget to tell them about our prequalification application.

Finance Your Home with Carthage Savings & Loan

Now that you’ve taken our quiz, contact Carthage Savings & Loan to learn how we can help you finance your home. With so many great mortgage options to choose from, we’ll work tirelessly to help you find the perfect option.