• 1

  Mortgages are usually short term - between 1 and 5 years.

       TRUE

       FALSE

  

• 2

  Mortgages are approved based on the individual borrowing money and the property that it is being used for.

       TRUE

       FALSE

  

• 3

  Your monthly mortgage payments will go towards building your ownership in the property.

       TRUE

       FALSE

  

• 4

  Since mortgages are super long term, if you miss a couple of payments it isn't a big deal since you can just make it up at the end.

       TRUE

       FALSE

  

• 5

  You can't influence the price of the property, so you shouldn't spend too long analyzing whether the price is fair.

       TRUE

       FALSE

  

• 6

  If a house has a fresh coat of paint and new floors but more expensive than one that would need some work, it's definitely worth paying more for.

       TRUE

       FALSE

  

• 7

  You can ask your real estate agent to help you determine whether the price of a house is fair by asking for selling prices of similar homes nearby, called 'comps'.

       TRUE

       FALSE

  

• 8

  Homes sometimes sell above their asking price or "listing price".

       TRUE

       FALSE

  

• 9

  Loan to Value refers to how much you're borrowing from the bank relative to the overall value of the property.

       TRUE

       FALSE

  

• 10

  Your mortgage payment only includes your monthly repayment amount to the bank.

       TRUE

       FALSE

  

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