Mortgages – Choose The Best Word (Exercise With Answers)

Mortgages Best Words

Mortgages play a significant role in real estate transactions, allowing individuals to purchase property by borrowing money from a lender and repaying it over time. Understanding the terminology associated with mortgages is essential for anyone considering buying a home or investing in real estate.

Let’s explore into an exercise to test your knowledge of mortgage-related vocabulary:

Exercise –  Choose the best word

1. Houses, bungalows, apartments, offices, shops and any other type of building you can own are called __________.

a. housing
b. property
c. buildings

2. The __________ are a document which proves who owns a property.

a. owner’s deeds
b. owner’s papers
c. title deeds

3. In some countries you can get a mortgage for __________ your annual salary.

a. times five
b. five times
c. five of

4. If a mortgage borrower ___________ the installments.

a. doesn’t pay
b. defaults on
c. fails on

5. The mortgage lender will eventually __________ the property.

a. retake
b. take back
c. repossess

6. Before a property can be repossessed, the lender must apply to a court for a __________.

a. repossession order
b. repossession paper
c. repossession document

7. When the lender has a repossession order, the occupants of the property can be __________,

a. evicted
b. put out
c. ejected

8. Generally, mortgage lenders only repossess as ____________.

a. a desperate action
b. a last resort
c. the final option

9. A mortgage lender can also be called a mortgagee or a __________.

a. mortgage provider
b. mortgage maker
c. mortgage producer

10. A mortgage borrower can also be known as a mortgagor or a __________.

a. mortgage owner
b. mortgage possessor
c. mortgage holder

11. To change your mortgage agreement is to __________ your property.

a. mortgage again
b. remortgage
c. unmortage

12. A mortgage paid over 25 years is called a __________ mortgage.

a. 25
b. 25 year
c. 25 years

13. When somebody’s mortgage is the most they can possible afford, you can say they are “mortgaged up to the __________”.

a. hilt
b. top
c. head

14. If property prices go down, and your house is mortgaged for more than its current value, you have __________.

a. negative money
b. negative value
c. negative equity

15. After you have paid your last mortgage installment, you can say that you have __________ your mortgage.

a. paid out
b. paid up
c. paid off

Correct Answers:

  1. b
  2. c
  3. b
  4. b
  5. c
  6. a
  7. a
  8. b
  9. a
  10. c
  11. b
  12. b
  13. a
  14. c
  15. c
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