1. What is the standard down payment amount on a mortgage loan?
2. If you make a down payment that is lower than standard, identify the extra cost you will be required to pay.
3. Why do lenders use points in home loans, and who is responsible for paying points?
4. Explain why the down payment and mortgage principal and interest understate the actual up-front and monthly costs of home ownership.
5. When should you request that private mortgage insurance be canceled if such insurance was required at the time of purchase of a home?
6. Identify the components of PITI.