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Is it Time to Refinance Your Mortgage?
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Is it Time to Refinance Your Mortgage?
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6) Why might you pay "discount points" on a mortgage?
To lock in a lower interest rate
To obtain lower closing costs
To pay off a loan ahead of schedule
To qualify for a loan despite a low FICO score
7) What is a balloon mortgage?
A mortgage payable in full before the end of term
A mortgage with payments that decrease every year
A mortgage with payments that increase every year
A mortgage on vacation property
8) What does the bank take into account when calculating the amount of your mortgage?
All loan payments relative to gross income
Home loan payment relative to gross income
Principal, interest, tax, and insurance payments relative to gross income
All of the above
9) How high do you think mortgage interest rates will climb in 2006?
5.50%
5.75
6.00%
6.25%
6.50%
6.75%
7.00%
7.25%
7.50%
7.75%
8.00%
10) You might be considering refinancing or a mortgage, but what's your current home status?
Own
Rent
11) Homeowners come from all walks of life and education levels. What's yours?
Did not graduate high school
Earned a high school diploma or GED
Attended some college
Earned an associate's degree
Earned a bachelor's degree
Earned a master's degree
Earned a Ph.D
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