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Learn About Loans

Coffee Break Finance
Financing Fundamentals
Learn About Loans

Learn About Loans

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Question 1 of 10

1. Question

Which of the following options would allow you to switch a loan from an adjustable interest rate to a fixed interest rate?

Refinancing
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Loan modification
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Debt consolidation
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Pre-approval
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Question 2 of 10

2. Question

Which type of loan has a common term of 30 years?

Student loan
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Personal loan
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Auto loan
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Mortgage
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Question 3 of 10

3. Question

How is debt-to-income ratio calculated?

Total annual debt payments / total annual income
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Total monthly debt payments / total monthly income
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Total annual income / total monthly debt payments
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Total monthly income / total monthly debt payments
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Question 4 of 10

4. Question

True or false: Asking for a quote from a lender will create a hard inquiry on your credit report.

True
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False
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Question 5 of 10

5. Question

Which type of loan requires collateral?

A 0% down loan
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An adjustable-rate loan
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A secured loan
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A hybrid loan
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Question 6 of 10

6. Question

Which of the following will a loan underwriter verify after you submit an application?

Your identity
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Your income
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Your address
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All of the above
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Question 7 of 10

7. Question

True or false: Choosing a longer term on your loan will increase the monthly payments.

True
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False
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Question 8 of 10

8. Question

Which of the following happens if you are 5 days late making a loan payment?

Late fees apply
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Your loan will be placed into default
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A missed payment will be reported to the credit bureaus
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All of the above
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Question 9 of 10

9. Question

True or false: When you refinance a loan, you take out a new loan at a lower interest rate that pays off the existing loan you have.

True
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False
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Question 10 of 10

10. Question

Which of the following types of loans can you get pre-approved for?

Student loans
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Debt consolidation loans
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Auto loans
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Personal Loans
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