Finance
What is the primary advantage of a 15-year mortgage over a 30-year mortgage for a Washington homebuyer?
ALower monthly payments
BSignificantly less total interest paid over the life of the loan✓ Correct
CMore favorable tax treatment
DLower interest rate requirements from lenders
Explanation
While a 15-year mortgage has higher monthly payments, borrowers pay significantly less total interest over the life of the loan and build equity faster, potentially saving tens of thousands of dollars compared to a 30-year term.
Related Washington Finance Questions
- A Washington homebuyer who qualifies for a USDA rural development loan must purchase a property:
- Under Regulation Z (TILA), Washington lenders who advertise a specific loan interest rate must also disclose the:
- Washington State's Home Loan Protection Act (RCW 61.34) provides protections against predatory lending. The act requires that high-cost loans not include certain features. Which of the following features would NOT trigger predatory lending concerns?
- Washington's 'first-time homebuyer' definition for most state programs means the buyer has NOT:
- Under the Home Mortgage Disclosure Act (HMDA), which information must lenders collect and report for mortgage loan applications?
- In Washington, which of the following is a 'secondary market' entity that purchases mortgages from primary lenders?
- Washington's Mortgage Broker Practices Act (RCW 19.146) regulates mortgage brokers who:
- A Washington property has a first mortgage of $280,000 and a second mortgage of $60,000. The lender forecloses on the first mortgage and the property sells for $310,000 at the trustee's sale. How much does the second mortgage lender receive?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →