Osoyoos Credit Union
Test Your Mortgage Knowledge!

The more you know, the better mortgage deal you're likely to make. Here are 10 questions about mortgages. Test your knowledge to see how you stack up!
Let's get started... 
 
1. What is the key lender requirement that determines the mortgage amount for which you may qualify?
a. Excellent credit rating
b. Minimum income of $30,000 annually
c. Housing costs must not exceed 32% of gross family income
d. Minimum 15% down payment
2. The term of a mortgage is the length of time it takes to pay off the entire loan.
a. True
b. False
3. What is the main difference between a ‘conventional’ mortgage and a ‘high ratio’ mortgage?
a. Loan limit
b. Down payment
c. Interest rate
d. All of the above
4. When is a ‘variable rate' mortgage preferable to a ‘fixed rate' mortgage’?
a. If my income situation is solid
b. If interest rates are anticipated to fall
c. If I can manage risk
d. All of the above
5. What is the key consideration(s) in refinancing an existing mortgage?
a. Mortgage interest rates are lower than your current rate
b. The cost to refinance
c. The outstanding balance on the current mortgage
d. All of the above
 

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