Mortgage myths: true or false?

Ten things people believe about mortgages and buying a home. Some are true, most aren’t. See how many you can call correctly.

10 questions · about 2 minutes · no signup needed

Question 1 of 10You need 20% down to buy a home.

TrueFalse

Question 2 of 10Getting rate quotes from several lenders will badly hurt your credit.

TrueFalse

Question 3 of 10PMI lasts for the life of a conventional loan.

TrueFalse

Question 4 of 10Pre-qualified and pre-approved mean the same thing.

TrueFalse

Question 5 of 10You can buy a home with a credit score below 620.

TrueFalse

Question 6 of 10Your interest rate is locked automatically when you apply.

TrueFalse

Question 7 of 10Closing costs are often 2% to 5% of the loan amount.

TrueFalse

Question 8 of 10Renting is always throwing money away.

TrueFalse

Question 9 of 10A 15-year mortgage usually has a lower interest rate than a 30-year mortgage.

TrueFalse

Question 10 of 10Once you’re pre-approved, it’s fine to finance a new car before closing.

TrueFalse

Your answers aren’t saved or sent anywhere except to calculate your score. For education only; it isn’t a credit check or a loan approval.

How it works

Pick an answer and you’ll see right away whether you got it, with a short explanation and a link to learn more. At the end you’ll get your score and can share it.