Module #1: Understanding your Monthly Mortgage Payment

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* 1. Name

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* 2. Phone

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* 3. Email

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* 4. The “Four Parts” of your Monthly Mortgage Payment are represented in the video as P+I+T+I. What does the letter "P" represent?

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* 5. The “Four Parts” of your Monthly Mortgage Payment are represented in the video as P+I+T+I. What does the first letter "I" represent?

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* 6. The “Four Parts” of your Monthly Mortgage Payment are represented in the video as P+I+T+I. What does the letter "T" represent?

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* 7. The “Four Parts” of your Monthly Mortgage Payment are represented in the video as P+I+T+I. What does the last letter "I" represent?

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* 8. What word below best describes the “The holding of money in an account by a lender into which a homeowner pays money for taxes and insurance”.

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* 9. True or False: Your total monthly Mortgage Payment (P+I+T+I) will never change (The amount you pay each month will never increase).

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* 10. What word below best describes the way in which both the total amount of interest paid and the length of time to pay off a mortgage can be reduced?

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* 11. 5. This type of insurance protects the lender against loss if a borrower defaults (stops making payments).

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* 12. Your homeowners insurance policy will combine these two pieces (select two)

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* 13. Due to rising costs and your home’s increase in value, your monthly payment will increase as these items change overtime (select all that apply):

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* 14. True or False: A lender in New Mexico can charge you an extra fee/penalty for any additional payments made to your mortgage.

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