July 20, 2018. Do you know everything there is to know about buying and owning a house? Take our quiz to find out.
Score 11-17: Back to Basics.
You have a basic knowledge of getting a mortgage, with some room for improvement. If you’re ready to buy or want to better manage your mortgage as a homeowner, it may help to review our glossary of mortgage terms or revisit our most commonly asked mortgage FAQs. Buying a house doesn’t have to be hard or complicated, and you can always reach out to your loan officer for help.
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Score 18-25: Good Student.
You have a solid understanding of getting a mortgage and owning a home, which can give you a leg up at the closing table. But the mortgage industry is always changing, and it helps to stay fresh. Ask your loan officer about any mortgage terms that might require some clarification and follow our mortgage news for the latest industry updates.
Score 26-33: Head of the Class.
Pat yourself on the back because you aced this mortgage knowledge pop quiz. But as any star student knows, you never stop learning. Developing a trustworthy relationship with your loan officer is a great first step if you plan on buying a house. If you’re already a homeowner, consider earning extra credit by applying for the homestead exemption to reduce your property taxes or by checking to see if you could benefit from a refinance.**
When you need a loan officer in your corner, Cornerstone is only a call or an email away. You can also download our free LoanFly app to get prequalified fast and stay in touch with a local loan officer in your area.
**While refinancing could make a significant difference in the amount you pay each month, there are other costs you should consider. Plus, your finance charges may be higher over the life of the loan.
For educational purposes only. Therefore, please contact a qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.