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Quiz: Mortgage Basics

Are you ready to buy your dream home? Test your knowledge of the mortgage basics before you start shopping so you know where you begin your research.

Question 1 of 8

Which of these should be your first step in the home-buying process?

Attend open houses

Choose a realtor

Get prequalified for a loan

Correct. Before you start shopping for your dream house, you'll want to be sure you can get prequalified for a mortgage. To get that prequalification, you'll need to prove to the bank that you're financially prepared to take on a mortgage loan and are able to make the monthly payments.

Incorrect. While actions like deciding which real estate agent to work with and attending open houses should be high on your priority list, you should start with getting prequalified for a loan. This will help you and your realtor determine your budget.

True or false: You must put down a 20% down payment in order to buy a home.

True

False

Correct. Your down payment amount varies based on what type of loan you choose and what each lender requires. An FHA loan only requires 3.5% down, while VA and USDA loans often requires 0%.

Incorrect. Contrary to popular belief, 20% is not the required minimum down payment. Your down payment amount varies based on what type of loan you choose and what each lender requires. An FHA loan only requires 3.5% down, while VA and USDA loans often require 0%.

Experts recommend you spend no more than what percentage of your monthly income on your house payments?

23%

25%

28%

30%

Correct. Many financial experts agree that the 28/36 rule is the one to follow: meaning that you should spend a maximum of 28% of your income on your housing and no more than 36% on your total debt payments.

Incorrect. Many financial experts agree that the 28/36 rule is the one to follow: meaning that you should spend a maximum of 28% of your income on your housing and no more than 36% on your total debt payments.

True or false: Private mortgage insurance (PMI) helps you pay your mortgage if you become unable to make payments.

True

False

Correct. PMI protects the lender if the buyer defaults on the loan.

Incorrect. PMI protects the lender if the buyer defaults on the loan.

True or false: Private mortgage insurance (PMI) is required for all home loans.

True

False

Correct. PMI is typically reserved for conventional loans where less than 20% is put down. Other loan types may require different types of insurance.

Incorrect. PMI is typically reserved for conventional loans where less than 20% is put down. Other loan types may require different types of insurance.

What is APR?

Annual Points Return

Annual Percentage Rate

Annual Purchase Rate

Annual Percentage Return

Correct. APR stands for Annual Percentage Rate, which is the percent of the loan you will pay every year in interest.

Incorrect. APR stands for Annual Percentage Rate, which is the percent of the loan you will pay every year in interest.

What is the name of the account that holds the funds to pay things like property taxes?

Holding account

Escrow account

Savings account

Insurance account

Correct.

Incorrect. This account is called escrow.

True or false: Being pre-qualified for a loan is the same thing as being pre-approved.

True

False

Correct. Think of a pre-qualification as a quick snapshot of your qualifications to take out a mortgage loan, while a pre-approval comes once you’ve submitted your loan application, credit report, and documentation of your income, assets, and debt.

Incorrect. Think of a pre-qualification as a quick snapshot of your qualifications to take out a mortgage loan, while a pre-approval comes once you’ve submitted your loan application, credit report, and documentation of your income, assets, and debt.

Score: {{PERCENT_CORRECT}}%

You answered {{CORRECT_ANSWERS}} out of {{TOTAL_QUESTIONS}} questions correctly.

You probably still have questions about how to get a home loan so you can move into the house of your dreams. Download our mortgage basics ebook, which breaks down the process step-by-step.

Score: {{PERCENT_CORRECT}}%

You answered {{CORRECT_ANSWERS}} out of {{TOTAL_QUESTIONS}} questions correctly.

You’ve been doing your research on how to buy a home, but you still have more to learn. Download our mortgage basics ebook, which breaks down the process step-by-step.

Score: {{PERCENT_CORRECT}}%

You answered {{CORRECT_ANSWERS}} out of {{TOTAL_QUESTIONS}} questions correctly.

You’re thinking about buying a home and you have a broad idea of where to start, but there are still things about the mortgage process you should know. Download our mortgage basics ebook, which breaks down the process step-by-step.

Score: {{PERCENT_CORRECT}}%

You answered {{CORRECT_ANSWERS}} out of {{TOTAL_QUESTIONS}} questions correctly.

Are you ready to buy your dream home? Find out the mortgage services Synovus offers and get in touch with a lender to kick start your home-buying process. Happy shopping!

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Banking products are provided by Synovus Bank, Member FDIC. Synovus Bank, NMLS #408043, is an Equal Housing Lender.

Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South Carolina. This communication is directed to properties in those states. Loans subject to approval including credit approval. Synovus Bank, NMLS #408043.

If you would like to assert there has been an error made with the servicing of your consumer mortgage loan, or if you would like to request information about the servicing of your consumer mortgage loan, and if you would like your assertion or request to be treated in accordance with the procedures provided in 12 C.F.R. Parts 1024.35 and 1024.36, then you must send written notice to us at Synovus Bank, Attention: Mortgage Customer Service, 800 Shades Creek Parkway, MS 130, Birmingham, AL 35209. Otherwise, we will treat your assertion or request per our standard policies and procedures.

You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/

Investment products and services provided by Synovus are offered through Synovus Securities, Inc. (SSI) a registered Broker-Dealer, member FINRA/SIPC and SEC registered Investment Advisor, Synovus Trust Company, N.A. (STC) and Creative Financial Group, a division of SSI. Trust services for Synovus are provided by STC.

NOT FDIC INSURED

NO BANK GUARANTEE

MAY LOSE VALUE

SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck.

Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus.

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