Are you smarter than a mortgage lender?

Test your knowledge of the ins and outs of home loans with this quick six-question quiz.

CNBC
Created By CNBC
On Sep 10, 2015
1 / 6

Your annual percentage rate (APR) is a yearly rate that reflects the actual cost of your mortgage and is inclusive of your closing costs and interest rate.

2 / 6

You can only refinance your home loan once every 12 months.

3 / 6

You will almost always get the best mortgage interest rates at the bank where you have a checking account.

4 / 6

If you go through a short sale or foreclosure, you must wait a mandatory seven years before being able to apply for another home loan.

5 / 6

If you are underwater on your home loan, a mortgage lender will not allow you to refinance.

6 / 6

When taking out a mortgage with your spouse, lenders look at each of your credit scores from the three main reporting bureaus and take the LOWEST of your two middle scores.

6
Questions left