Answers2027 Ignite Financial Literacy-Personal Finance - EL3403Credit and Loans

Mortgages and Home Ownership Answers

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1
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Which lender should Haven choose for her mortgage and why?

A
A wholesale lender provides access to third-party loans.
B
A secondary market lender provides a reliable source of money.
C
A direct lender provides more flexible qualifying guidelines.
D
An online lender provides convenience and alternatives to a traditional bank.
2
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How are balloon payment mortgages different from traditional mortgages? Check all that apply.The term is shorter than for traditional mortgages.Unlike traditional mortgages, the borrower pays no interest.A large payment is due at the end of the term.Balloon mortgages are not issued by banks.Balloon mortgages are more commonly used by home buyers than traditional mortgages.

A
The term is shorter than for traditional mortgages.
B
Unlike traditional mortgages, the borrower pays no interest.
C
A large payment is due at the end of the term.
D
Balloon mortgages are not issued by banks.
E
Balloon mortgages are more commonly used by home buyers than traditional mortgages.
3

Which lender should Haven choose for her mortgage and why?

A
A wholesale lender provides access to third-party loans.
B
A secondary market lender provides a reliable source of money.
C
A direct lender provides more flexible qualifying guidelines.
D
An online lender provides convenience and alternatives to a traditional bank.
4

In which state can you infer that average home prices are the highest?

A
Florida
B
California
C
Texas
D
New York

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Mortgages and Home Ownership Answers — 2027…