TAKE THE MORTGAGE QUIZ*!
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Please note: The information contained in this quiz is not intended to be advice and should not be relied upon for the purposes of making financial decisions.  It is general information only. You should consider your own personal circumstances, financial position
and objectives before making any decisions.

Q1: Who is the Mortgagor?

a) The lender of the funds
b) The mortgage manager
c) The borrower
d) The broker 
 

Q2: If you have a limit of 20K on your card, but only use 2K, which number will affect your loan application?   
 
a) The limit of 20K because the lender will evaluate your ability based on the amount of credit you have available
b) The limit of 20K. The more credit you have available, the better because it shows you have a good credit history
c) The balance of 2K, the only thing that matters is how much you actually use, not what your limit is
d) The ratio of your balance to the limit. The less credit you're using, the better the ratio looks to the lender.

 
Q3: Jane Savvy has a mortgage of $500k on a property which has dropped in value to $480K.  She currently owes $300K.
How much equity does she have in the property?   
 
a) 680K - the mortgage minus the amount owing plus the current value of the property 
b) 180K - the value of the property minus the amount owing.
c) 480K - the total value of the property
d) 500K - the original loan amount

Q4: Which will a lender NOT consider when evaluating your ability to qualify for a loan?   
 
a) Outstanding debts, including co-signed loans 
b) Number of pets and dependents
c) Child support or maintenance payments 
d) Investments and mutual funds


Q5: Sean wants to buy a house that costs $200k.  He will put down 15%.  What is his LTV?   
 
a) 200% LTV (Loan to Value) 
b) 30% LTV
c) $30k divided by 200k or 15% LTV
d) $170k divided by 200k or 85% LTV

 

Send us your Answers.  You must get 4 out of 5 correct to qualify for the free book.

*For non-lending consumers only