How well do you know your mortgage? Mortgages are complex transactions and can impact your household budget now and into the future. Take this quiz to learn how well you know your mortgage! And no cheating - keep that mortgage document packed away until after the quiz! ;)
1. Do you know the length of your term?
Yes = 5 Points
No = 0 Points
2. Is your mortgage registered as a collateral charge?
Yes = 5 Points
No = 5 Points
Unsure = 0 Points
3. Can you pay extra onto your mortgage without penalty?
Yes = 5 Points
No = 5 Points
Unsure = 0 Points
4. Do you know what your pre-payment privileges are?
Yes = 5 Points
No = 0 Points
5. If you prepay your mortgage before maturity (sell before the end of your term), do you know how much your penalty would approximately be?
Yes = 5 Points
No = 0 Points
6. Are there any circumstances when the pre-payment penalty would be waived?
Yes = 5 Points
No = 5 Points
Unsure = 0 Points
7. Is your mortgage portable?
Yes = 5 Points
No = 5 Points
Unsure = 0 Points
8. Are you confident in the difference between fixed or variable rates and what is best for you?
Yes = 5 Points
No = 0 Points
9. Will your rate change throughout the term of your mortgage?
Yes = 5 Points
No = 5 Points
Unsure = 0 points
10. Was your mortgage high ratio and required default loan insurance?
Yes = 5 Points
No = 5 Points
Unsure = 0 Points
11. Are you aware of how to protect your real estate investment through the purchase of life insurance?
Yes = 5 Points
No = 0 Points
12. I have a mortgage professional that I trust who I can contact anytime with questions.
Yes = 5 Points
No = 0 Points
RESULTS
0-20 Points: Mortgage Rookie
You're at the starting point in understanding the important long-term factors about your mortgage and how they may impact you once in the future. It's important to work with a professional who takes the time explaining long term implications and goes beyond the initial rate discussion. This is the biggest investment of your life and the more knowledge you have, the better prepared you'll be in your overall financial plan.
25-40 Points: Mortgage Medium
You have a working knowledge of mortgage terminology and understand most of your mortgage details, but there's some things that you're unsure about. There's room to dig deeper to ensure your biggest investment works for you and you're not left guessing when it comes to crunch time. It's important to think about long term life events that may affect your mortgage decision making in the early stages.
45-60 Points: Mortgage Guru
You have an advanced understanding of your mortgage details, compared to most consumers. Every mortgage is different, so be sure to continue asking questions and evaluating how the terms of the mortgage will work with your long-term financial plan. Because of your interest in mortgages, work with a professional who will offer you innovative products that may help you meet your long-term financial plans.
So, how did you do? Have some questions? I'd love to answer those for you. Reach out anytime!
sarahnm@mortgagegroup.com
Toll-free 1-844-315-6609