Nhmc Mortgage Fun Quiz Game 2

13 Questions | Total Attempts: 12

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Nhmc Mortgage Fun Quiz Game 2 - Quiz

Mechanics: 1. Whoever gets the highest score is the winner plus he/she gets a free Tim Horton's large coffee on Monday! 2. If there are 2 or more winners, no tie breaking. All winners get the prize. 3. Please do not take the quiz twice so you can get high score the next time. 4. No comparing/coaching of answers please. 5. After you take the fun quiz game, download your score and send it to [email protected] Com 6. Winner/s will be announced as soon as we have collected all the scores. 7. Your scores will not be published. It will be kept with utmost confidentiality. 8. This game begins today and ends at 5pm today. Answer the fun quiz while the coffee is hot! Have Fun!


Questions and Answers
  • 1. 
    At NHM we prefer an 800 beacon over a 400 beacon.
    • A. 

      True

    • B. 

      False

  • 2. 
    We can do proper pricing of a deal before we see the appraisal because one is, it's not final and two, it can be changed anyway once we see the appraisal.
    • A. 

      True

    • B. 

      False

  • 3. 
    MORTGAGE BROKER is the one who makes the decision if the borrower qualifies for the mortgage because he understands the mortgage loan qualification, approval, and pre-approval.  If the mortgage application fails to meet the qualification level, he/she determines the best mortgage loan options for the borrower.  
    • A. 

      True

    • B. 

      False

  • 4. 
    Any appraiser (CRA or AACI) can do an appraisal for any residential property.
    • A. 

      True

    • B. 

      False

  • 5. 
    NHMC would grant borrower's request that we pay the appraisal in advance because we can reimburse it anyway from the proceeds after closing.
    • A. 

      True

    • B. 

      False

  • 6. 
    Elliott Rosenberg will not lend on a property with renter/s.
    • A. 

      True

    • B. 

      False

  • 7. 
    NHM could leave a low rate bank 1st mortgage and would lend from 2nd position (2nd mortgage) on construction loan.
    • A. 

      True

    • B. 

      False

  • 8. 
    With clearance and everything, NHMC will not lend on property that had been a grow-op.
    • A. 

      True

    • B. 

      False

  • 9. 
    The maximum number of mortgages a borrower can have on his or her property is 6.
    • A. 

      True

    • B. 

      False

  • 10. 
    NHM will not fund a hoarder house.
    • A. 

      True

    • B. 

      False

  • 11. 
    NHM will not provide financing for a borrower if he or she is not discharged from bankruptcy.
    • A. 

      True

    • B. 

      False

  • 12. 
    Based on NHM policy-the maximum number of properties a borrower can own is up to 10.
    • A. 

      True

    • B. 

      False

  • 13. 
    For 3 points. NHM will provide financing on this property: 1. Location: Caledonia, Ontario 2. Appraised value: $317K 3. Requested loan: $230K 3. LTV: 73% 4. Borrowers' Beacon scores: 554 and 479 5. Income: NONE
    • A. 

      True

    • B. 

      False

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