If you made a down payment of $11,000 on a house worth $110,000,the lenders will require _____ as a result of the size of the down payment.
A) closing points
B) a bond
C) mortgage insurance
D) application fees
E) homeowner's insurance

Question

Quizplus · Accepted Answer

The lenders will require mortgage insurance as a result of the size of the down payment. Mortgage insurance is typically required when the down payment is less than 20% of the home's value. In this case, the down payment is 10% of the home's value, so mortgage insurance would be required to protect the lender in case of default.

If You Made a Down Payment of $11,000 on a House