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Xinnix Ground School Exam Questions and Solutions
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Xinnix Ground School Exam Questions and Solutions
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Xinnix Ground School ExamQuestions and Solutions
first-time homebuyer - -Someone who has never owned a home
-Move-up homebuyer - -Currently owns, or has previously owned a home
and is looking to move up in price, location, size, etc.
-Relocation Homebuyer - -Purchasing a new home in a different city or state
due to job transfer or personal desire
-Affluent homebuyer - -Well seasoned in home buying process.
Knowledgeable, financially savvy, busy.
-Empty-nester homebuyer - -Experienced homebuyers looking to downsize
due to age and no dependent children.
-Investor homebuyer - -Well seasoned and knowledgeable about mortgage
process. Rate sensitive, smarter, potentially impatient and time sensitive.
Looking to close as quickly as possible.
-End lender in mortgage banking - -correspondent lender
-End lender in mortgage brokering - -wholesale lender
-Correspondent lenders - -purchase closed loans from banks and mortgage
bankers. Warehouse line of credit.
-Wholesale lenders - -Table fund at closing. All closing docs in name of
wholesale lender.
-Fannie Mae (FNMA) - -Federal National Mortgage Association
-Freddie Mac (FHLMC) - -Federal Home Loan Mortgage Corporation
-FHA - -Federal Housing Administration
-VA - -Veteran's Administration
-Non-agency loans - -Comprise any loans not made by the 4 lending
agencies
-Conforming loans - -Any agency loan
, -Jumbo loan - -Any conventional loan that is in excess of the loan limits set
by Fannie Mae and Freddie Mac. All jumbo loans are, by definition,
nonconforming; the reverse, however, is not true.
-Conventional - -A loan NOT insured by FHA or VA
-Non-conforming - -Any loan that does NOT conform to Freddie Mac or
Fannie Mae guidelines
-URLA - -Uniform residential loan application. 1003.
-Construction loan - -A short-term, interim loan for financing the cost of
construction. The lender makes payments to the builder at periodic intervals
as the work progresses.
-Construction-permanent loan - -Same as Construction loan except that
long-term financing replaces the interim financing upon home completion.
-Primary residence (owner-occupied, principal residence) - -Residence that
the owner physically occupies
-Secondary residence (second home) - -Property purchased for occupancy
but not considered primary residence. Such as a vacation home.
-Investment property (rental property) - -Property purchased by borrower
with no intention to occupy and is instead used to establish rental income
cash flow.
-Primary residence > Second home > Investment property - -Risk of default
to lender rated lowest to highest based on property purpose.
-Single Family Detached - -A dwelling with no shared walls, designed to be
used by one household
-Single Family attached - -Two or more dwellings sharing a
common wall. Townhouses and condos
-Condominium - -A separate living unit joined together by like units sharing
common walls.
-Townhouse - -A dwelling of two or three stories that attaches at sidewalls
to other units; each person owns walls and air space plus property rights and
yard of the unit
-Duplex, triplex, quadruplex - -Properties that have 2, 3, 4 units respectively
located in one building
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