The world of mortgages and home ownership is one that hasn’t been commonly explored by college students. Despite what current students might think, chances are you will eventually be well-versed in what it means to refinance and you'll even know the difference between an FHA and conventional loan.
Since we at Nationstar connect people to mortgages at the best possible values, we want to make sure we have a grasp on our customers' understanding of these products! It’s not only important for us to understand what you, as a future home owner, think about your future mortgage, but we also want to know what your parents, family, professors, and elders think as well.
Part I:
A. Call or set a time to talk with a parent, family member, professor, or anyone over the age of 40 and ask them them to explain 5 terms commonly used in the mortgage and home ownership world (listed below).
B. Quickly record their age, gender, zip code, and if they currently have a mortgage/own a home.
C. For each term, record whether they know the term, the way they define each term, and the language they use in the description.
Part II:
A. Write your own explanation of each term in your own words (no copy pasting from online!). Write about the each as if you are explaining these concepts to a peer.
B. Pick a favorite/interesting mortgage product and briefly explain why it might fit with your life.
Terms:
- Conventional Loan (10,20,30 year)
- Adjustable Rate Mortgage (ARM)
- FHA
- HARP
- HAMP
Optional bonus objective:
- Record a short video of yourself explaining the 5 terms and submit a youtube or dropbox link to your video
Things to consider:
- The best submissions will be clear, well-documented, and give context as to what your seniors know about mortgages, what you understand after basic exposure, and what terms you would use to communicate these topics to a friend.
- We're looking for insights as to what consumers and also younger/millennial consumers think about mortgage products
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Submissions will be graded on the following criteria:
- Meets Deliverables
- Creativity
- Clarity
| Top 5 share $500 | Next 10 share $500 |
| $100.00 |
|
Miles White University of South Florida | |
| $100.00 |
|
Matthew Gaiser Queen's University | |
| $100.00 |
|
Alex Lew California Institute of Technology | |
| $100.00 |
|
Thomas Anagnostos University of Arizona | |
| $100.00 |
|
Olivia Gunton Yale University | |
| $50.00 |
|
Jennifer Miller Walden University | |
| $50.00 |
|
Christina Matayka Elgin | |
| $50.00 |
|
christina grosso University of Central Florida | |
| $50.00 |
|
Thalia Kemos Syracuse University | |
| $50.00 |
|
jt2760a American University | |
| $50.00 |
|
Nicolas Khoury University of Central Florida | |
| $50.00 |
|
Harshil Dhanky University of Toronto | |
| $50.00 |
|
Joshua Mark St. John's University | |
| $50.00 |
|
Ethan Chlebowski North Carolina State University | |
| $50.00 |
|
S. Jay University of Central Florida |
