Can You Pass This Mortgage Quiz?

Could you pass a short quiz about mortgage basics?  Most people can’t which is a bit frightening when you consider how many of them carry a mortgage that likely represents the biggest portion of their financial portfolio. 

In the recent federal budget, there is a proposal to start a financial literacy task force this spring.  Their job will be to make recommendations to finance minister Jim Flaherty on how best to equip Canadians to make more responsible financial decisions.

As Flaherty said in a speech last May, “We are graduating people who can design and build complex buildings and bridges, but cannot effectively manage their personal finances.”

One of the companies that insures high-ratio mortgages in Canada has put an interesting little quiz up on their website.

In a report last December, Genworth said that only 25 per cent of those surveyed correctly answered more than 7 out of 10 questions in the’mortgage quiz’, and less than one per cent of respondents answered all 10 questions correctly.  Take the quiz.  How did you do?

P.S.  I got a perfect score and it said that qualifies me as an expert.  Whew.

Related Posts:

Credit Ratings and Mortgages
You Can Pay Your Mortgage Off Faster


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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Monday, February 16th, 2009 at 8:54 am and is filed under Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Comments

  1. Hi Marg, it was fun doing this. I believe one of the answers is no longer true, i.e. first time buyers can withdraw up to $25k from RRSP, per the new federal budget.

  2. Marg says:

    Ding, ding!!! You win bonus points! I noticed that too Hilary but I assume the quiz and results were done before the budget.
    Hope you are busy as a bee in Oakville.

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