Money Shops & Mortgage Quiz

Montego Bay and Portmore Pines were recently rebranded as JN Moneyshop.

The correct answer is that registered companies, churches, employees, and affiliated parties can access mortgages. This means that these entities or individuals are eligible to apply for and obtain a mortgage from JN Mortgages. It does not mention anything about age, driver's license, having a savings account with Jamaica National, or being unemployed as requirements for accessing a mortgage.

The fee charged when doing transactions on Saturdays at the Money Shops is $150.

The maximum financing for a Home Loan is 90%. This means that the lender is willing to finance up to 90% of the total cost of the home. The remaining 10% will need to be paid by the borrower as a down payment. This percentage is considered reasonable as it allows borrowers to secure a significant portion of the financing while also requiring them to have some equity in the property.

The Joint Financing Mortgage Program (JFMP) is a partnership between the National Housing Trust and JNBS. This program allows two persons to apply for a Mortgage Loan together. The partnership between these two organizations ensures that individuals have access to financing options for purchasing a home.

The statement is false because the maximum term for a home loan is typically 30 years, not 40 years. Additionally, the maximum age for obtaining a home loan is usually 70 years, not 65 years.

The statement "Jamaica National now has 19 money shops" implies that Jamaica National currently has 19 locations where customers can access their services. Therefore, the correct answer is True, indicating that the statement is accurate.

The correct answer is A. B. & C. This means that a mortgage payment is comprised of Principal & Interest, Peril and/or Life Insurance premiums, and Upkeep (if applicable). This suggests that when making mortgage payments, the borrower is not only paying off the principal amount borrowed and the interest charged on it but also covering insurance premiums and any maintenance costs associated with the property.

The correct answer is False because the statement suggests that all persons interested in acquiring a mortgage should be transferred to Mortgage Services, which may not be true. Not all individuals interested in acquiring a mortgage may need to be transferred to Mortgage Services. Some may require different services or may not be eligible for a mortgage at all. Therefore, it is not accurate to say that all persons interested in acquiring a mortgage should be transferred to Mortgage Services.

The given statement is false. The maximum financing for purchasing land with infrastructure is not 50%. This means that the financing available for purchasing land with infrastructure can be more than 50%.

An equity loan is a type of loan that allows the borrower to use the equity they have in an asset as collateral. In this case, neither a loan for a child's tuition nor a loan to pay hospital fees can be classified as an equity loan because they do not involve using the equity in an asset as collateral. Instead, they are more likely to be classified as personal loans or medical loans.

A JN Moneyshop is a service-oriented "community bank" that offers quick access to JNBS products and services, as well as other services. It operates as part of the JNBS network but has extended hours compared to other distribution channels. The correct answer is A & B because a JN Moneyshop is both a convenient service-oriented "community bank" and part of the JNBS network of distribution channels with extended hours.

The correct answer is July 7, 2014. This is the date when the rebranding of the Money Shops was done.

The correct answer is "will only process Teller Transaction" and "No customer service". This is because the statement "will only process Teller Transaction" indicates that only cash transactions will be handled at the Money Shops on Saturdays. Additionally, the statement "No customer service" suggests that there will be no assistance or support available for customers on Saturdays.

Highgate, Barbican, Tivoli, and HWT are the Money Shops that are open on a Saturday.

The amount you can afford is determined by your income, as it determines the size of the mortgage you can qualify for. Additionally, your mortgage payment should not exceed 1/3 of your gross monthly income, ensuring that it is manageable within your budget. Lastly, your income after deducting expenses should be able to cover the monthly payment, ensuring that you have enough financial stability to meet your mortgage obligations.

The JN Money Shops are located in Barbican, Junction, Spanish Town, and St. Ann's Bay. These locations are specifically mentioned in the list provided. Therefore, these are the correct answers for the question.

The correct answer is A. & B. A mortgage is a debt instrument that creates an interest in specified real property to secure the repayment of a loan of money. It is also possible to use a title to secure a loan to purchase a solar water heater. Both options A and B accurately describe the concept of a mortgage.