MAC ACTUAL LATEST EXAM 2025 WITH QUESTIONS AND CORRECT VERIFIED ANSWERS
GRADED A+ GUARANTEED
The percentage of your gross monthly income that goes toward paying for your housing
expenses is called the "housing expense ratio" and is based on the total housing payment,
which includes: -CORRECT ANSWER-Principal, interest, property taxes, homeowner's
insurance, mortgage insurance, homeowner's or condo association fees
Lenders don't include your future housing payment in your debt-to-income ratio, only all
other outstanding debts. -CORRECT ANSWER-False
The principal amount is the total amount borrowed. -CORRECT ANSWER-True
Do lenders use gross income or net profits when calculating mortgage affordability for self-
employed borrowers? -CORRECT ANSWER-Net profits
An escrow account is a special account managed by the borrower that holds funds for
property taxes and property insurance payments. -CORRECT ANSWER-False
Having adequate cash reserves demonstrates to your lender that you have responsibly
managed your money and have savings and other assets to fall back on in case of
emergency. -CORRECT ANSWER-True
Capital - or cash to close - refers to the funds you need to save in order to cover the cost of
down payment and closing costs. -CORRECT ANSWER-True
Acceptable sources of capital include: -CORRECT ANSWER-Funds from a family member,
funds from a down payment assistance program or funds from your savings account
Lenders consider investments to be (select all that apply): -CORRECT ANSWER-Lenders
consider investments to be IRAs, bonds, CDs, stocks and 401(k) plans.
, To determine if you have adequate savings to obtain a mortgage and sustain
homeownership, lenders will average the last six months of your checking and savings
account balances. -CORRECT ANSWER-False
Lenders consider four primary factors when determining whether to approve a loan - the 4
C's of lending. What are they? -CORRECT ANSWER-Credit, Capacity, Capital and Collateral
Derogatory information on your credit report may include: collections, judgements,
bankruptcies and/or late payments. -CORRECT ANSWER-True
Lenders generally don't have any guidelines or restrictions when it comes to the home you
want to purchase or its condition, provided you have good credit. -CORRECT ANSWER-False
The home inspection is ordered through the lender and determines the market value of the
home. -CORRECT ANSWER-False
Manufactured homes are the same as mobile homes and don't need to meet federal
construction and safety standards. -CORRECT ANSWER-False
If you make extra payments on your loan, that can help pay down the principal faster and
thus greatly reduce the interest due on the loan. -CORRECT ANSWER-True
Government insured loans, such as FHA loans, are the only low down payment mortgages
available to homebuyers. -CORRECT ANSWER-False
A fixed-rate mortgage is a loan where the interest rate stays the same for the life of the loan.
-CORRECT ANSWER-True
Which of the following loans are guaranteed by the federal government (select all that
apply): -CORRECT ANSWER-VA, USDA, FHA
GRADED A+ GUARANTEED
The percentage of your gross monthly income that goes toward paying for your housing
expenses is called the "housing expense ratio" and is based on the total housing payment,
which includes: -CORRECT ANSWER-Principal, interest, property taxes, homeowner's
insurance, mortgage insurance, homeowner's or condo association fees
Lenders don't include your future housing payment in your debt-to-income ratio, only all
other outstanding debts. -CORRECT ANSWER-False
The principal amount is the total amount borrowed. -CORRECT ANSWER-True
Do lenders use gross income or net profits when calculating mortgage affordability for self-
employed borrowers? -CORRECT ANSWER-Net profits
An escrow account is a special account managed by the borrower that holds funds for
property taxes and property insurance payments. -CORRECT ANSWER-False
Having adequate cash reserves demonstrates to your lender that you have responsibly
managed your money and have savings and other assets to fall back on in case of
emergency. -CORRECT ANSWER-True
Capital - or cash to close - refers to the funds you need to save in order to cover the cost of
down payment and closing costs. -CORRECT ANSWER-True
Acceptable sources of capital include: -CORRECT ANSWER-Funds from a family member,
funds from a down payment assistance program or funds from your savings account
Lenders consider investments to be (select all that apply): -CORRECT ANSWER-Lenders
consider investments to be IRAs, bonds, CDs, stocks and 401(k) plans.
, To determine if you have adequate savings to obtain a mortgage and sustain
homeownership, lenders will average the last six months of your checking and savings
account balances. -CORRECT ANSWER-False
Lenders consider four primary factors when determining whether to approve a loan - the 4
C's of lending. What are they? -CORRECT ANSWER-Credit, Capacity, Capital and Collateral
Derogatory information on your credit report may include: collections, judgements,
bankruptcies and/or late payments. -CORRECT ANSWER-True
Lenders generally don't have any guidelines or restrictions when it comes to the home you
want to purchase or its condition, provided you have good credit. -CORRECT ANSWER-False
The home inspection is ordered through the lender and determines the market value of the
home. -CORRECT ANSWER-False
Manufactured homes are the same as mobile homes and don't need to meet federal
construction and safety standards. -CORRECT ANSWER-False
If you make extra payments on your loan, that can help pay down the principal faster and
thus greatly reduce the interest due on the loan. -CORRECT ANSWER-True
Government insured loans, such as FHA loans, are the only low down payment mortgages
available to homebuyers. -CORRECT ANSWER-False
A fixed-rate mortgage is a loan where the interest rate stays the same for the life of the loan.
-CORRECT ANSWER-True
Which of the following loans are guaranteed by the federal government (select all that
apply): -CORRECT ANSWER-VA, USDA, FHA
