Mortgage Basics
What is the term for a legal agreement where a borrower receives funds from a lender to purchase a property?
What is a mortgage?
These individuals work for financial institutions and help borrowers with the mortgage application and approval process.
Who are loan officers?
This type of mortgage loan requires a fixed monthly payment amount over a specified term.
What is a fixed-rate mortgage?
What are the two most popular Christmas drinks in Jamaica?
Sorrel and Eggnog
Who Stole Christmas?
Correct Answer Grinch
This term refers to the percentage of the home's purchase price that the buyer must pay upfront.
What is a down payment?
These professionals assist borrowers in finding suitable properties and negotiate purchase agreements during the home buying process.
Who are real estate agents?
This ratio is calculated by dividing a borrower's total monthly debt payments by their gross monthly income.
What is the debt-to-income ratio?
Popular Meat (Oink) Served on Christmas Day
Ham
Where does Santa Claus Live?
Correct Answer North Pole
This term refers to replacing an existing mortgage with a new one that has different terms.
What is refinancing?
This term refers to a neutral third party that holds funds and important documents during the home buying process.
What is an escrow agent?
This term refers to the legal process through which a lender takes possession of a property due to the borrower's failure to make mortgage payments.
What is foreclosure?
Which Reindeer has a shiny nose?
Rudolf
What meat do Jamaicans love around Christmas?
Correct Answers Ham, Goat, Chicken, Beef
This term refers to the difference between the market value of a property and the outstanding mortgage balance.
What is equity?
These individuals evaluate mortgage applications to assess the borrower's eligibility and risk level for loan approval.
Who are underwriters?
This term refers to the difference between the appraised value of a property and the mortgage amount.
What is loan-to-value ratio (LTV)?
What day is GrandMarket celebrated in Jamaica?
December 24
How did Santa Deliver Gifts?
Correct Answer Sled and Reindeer
This process involves determining the market value of a property to ensure it is worth the purchase price.
What is a home valuation?
This NHT product provides funding to customers who have not received a NHT Loan in over 15 years?
What is the 15 plus loan
This term refers to the amount of money borrowed from a lender to purchase a property.
What is the principal?
Who wrote the song here comes Santa Claus
Gene Autry
Where do Jamaicans go Christmas Morning?
Correct Answer Church