A Test On Mortgage! Trivia Knowledge Quiz

16 Questions | Total Attempts: 118

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A Test On Mortgage! Trivia Knowledge Quiz

Test on mortgage trivia knowledge. Most people who do not have enough cash to purchase their homes choose to do so by accessing mortgage finance. The interest rate of the loan varies depending on various factors such as a person’s credit score. Do take up the quiz below and get to see just how much you know about mortgage loan financing and accessibility to those that opt for it.


Questions and Answers
  • 1. 
    I would like a loan to purchase a home, what is your interest rate?
    • A. 

      10.4%

    • B. 

      9.8%

    • C. 

      9.4%

    • D. 

      10.5%

  • 2. 
    How much financing would I get for a piece of land with infrastructure?
    • A. 

      50%

    • B. 

      75%

    • C. 

      90%

    • D. 

      100%

  • 3. 
    What is the maximum financing would I get to purchase a house?
    • A. 

      $50,000,000

    • B. 

      85%

    • C. 

      $100,000,000

    • D. 

      90%

  • 4. 
    What is the amount of financing I could get for a piece of land in Clarendon, where there is no development?
    • A. 

      50%

    • B. 

      $1,000,000

    • C. 

      75%

    • D. 

      $2,000,000

  • 5. 
    I don't need a valuation report on my house to process a mortgage.
    • A. 

      True

    • B. 

      False

  • 6. 
    I can get a home loan in U.S. currency.
    • A. 

      True

    • B. 

      False

  • 7. 
    What can I use a JN Home Equity loan to do?
    • A. 

      Refinancing a loan at BNS

    • B. 

      Pay my daughter's school fee

    • C. 

      Pay for my parent's hospital stay

    • D. 

      All of the above

    • E. 

      1 and 3

  • 8. 
    Which document is not needed to process my home loan?
    • A. 

      Utility Bill

    • B. 

      ID

    • C. 

      TRN

    • D. 

      Proof of Income

    • E. 

      Valuation Report

    • F. 

      Surveyor's Report

  • 9. 
    Late fees are calculated:
    • A. 

      Daily

    • B. 

      Weekly

    • C. 

      Monthly

    • D. 

      Fortnightly

  • 10. 
    I would like a Statement to Close on my account, where would I request this?
    • A. 

      The Legal Department

    • B. 

      Mortgage Services

    • C. 

      Mortgage Centre

    • D. 

      None of the above

  • 11. 
    What kind of loan would I get if I wanted to get a solar heater for my home?
    • A. 

      Home Improvement

    • B. 

      Home Equity

    • C. 

      Refinancing

    • D. 

      JN Home Loan

  • 12. 
    Where on Phoenix would I go to see the interest rate on my loan?
    • A. 

      Edit RIM

    • B. 

      History

    • C. 

      Display

    • D. 

      Portfolio

  • 13. 
    If I wanted to get a mortgage, and the loans officer told me that the monthly payment is $50,000, and I am earning $100,000, would I be able to qualify for the loan?
    • A. 

      Yes

    • B. 

      No

  • 14. 
    What is my mortgage payment comprised of?
    • A. 

      Peril/Life Insurance

    • B. 

      Interest

    • C. 

      Principal

    • D. 

      Interest and Principal

    • E. 

      1,2 and 3

  • 15. 
    Who cannot take out a mortgage?
    • A. 

      A registered company

    • B. 

      A church

    • C. 

      My 17 year old daughter who has her driver's license

    • D. 

      Employees

  • 16. 
    If I have an existing mortgage and my monthly payment of $37,500 is due on the 4th of every month; in June I forgot to make a payment, but at the end of July I paid $75,000. Would I have arrears?
    • A. 

      Yes

    • B. 

      No

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