Tibor Olah
Sales Representative

Apex Results Realty Inc., Brokerage
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First-time buyers fail mortgage quiz!

 

It would appear that first time home buyers in Canada are not as informed about the buying process as thought. A recent report by Genworth Financial Canada, found that three out of four first-time home buyers were not as knowledgeable about mortgage and home buying terms as thought. It was found that only 25 percent of the participants answered 7 out of 10 questions correctly in the mortgage quiz, and less than one per cent could answer all 10 questions correctly. The survey revealed there was a lack of understanding of common mortgage terms such as credit rating, mortgage terms, variable or fixed interest rates, amortization, acceleration clause, mortgage default insurance and debt service ratio. Sales representative Tibor Olah of Apex Results Realty Inc. says buyers are not always aware how much realtors know about the process of purchasing a home outside of the actual writing of the purchase of sale. Buyers can greatly benefit from the experience of a full time Realtor that can guide them through the process from start to finish and explain common terms and concepts. If you would like to take the mortgage quiz and see how you score log on to http://www.myhomeplanner.ca/DEV/quiz/en/Genworth_quiz.html

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