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Foolproof Module 10 notes Questions and Answers Latest Updated
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Foolproof Module 10 notes Questions and Answers Latest Updated Many adults who get a mortgage and buy a home don't have any idea what they are doing. They waste tens of thousands of dollars because they don't know the simple truths you will be learning here. A lot of high school students' lives ...

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  • September 11, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • foolproof module 10 notes questions and answers la
  • here are seven good reasons to buy a house you
  • collateral something you own worth money that gua
  • a home mortgage a loan used to buy real estate t

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Foolproof Module 10 notes Questions
and Answers Latest Updated

- answer Many adults who get a mortgage and buy a home don't have any idea what
they are doing.
They waste tens of thousands of dollars because they don't know the simple truths you
will be learning here.
A lot of high school students' lives are hurt because their parents make bad home
decisions.
What you learn here can help the adults you respect and care about.

Here are seven good reasons to buy a house: - answer- You're settled in a town and
like it.
- You're successful in your job and think you have a good future with your company.
- You have a settled home life.
- Your credit is in good shape.
- You do not feel stressed financially. Even though you may not make a lot of money,
you do make enough to be able to save some.
- You have a good bit of money you can use for a down payment.
- The housing market in your town is a "buyers market": Prices are low for buyers.

House Poor: You thought you could afford the home because you were preapproved for
the loan. - answer- But you can barely afford to make the payment each month.
- You have no money left for a better car.
- You can't afford to ever take a vacation.
- You can't save any money. You need every dime just to pay bills.

Collateral: Something you own worth money that guarantees you will pay back the loan.
Don't pay the loan, and you normally lose your collateral. - answer- An example of
collateral: When you buy a car, you normally use the car as "collateral" to guarantee
you will pay back the car loan.
- Stop paying and you will lose your car.
- Another example of collateral: A place you buy.
- Homes are used for collateral on your home loan.

A Home Mortgage: A loan used to buy real estate. The property itself is used as
collateral to guarantee you will pay back the loan. - answerStop paying your mortgage
payment and you will most likely lose your real estate.

, Mortgage Insurance: An insurance policy that says the insurance company will pay your
mortgage if you are unable. - answerQualifying for mortgage insurance makes it much
easier for you to get a mortgage loan.

A Lender: - answerThe company or person who actually puts up the money for a
mortgage.

The Mortgage Company: - answerThe company that gave you the loan.

A Mortgagor: - answerThat's you! You are the person borrowing money.

The Borrower: - answerThat's you, too. When you get a mortgage you have definitely
borrowed money!

Mortgage Default: Short definition: - answerYou're in trouble. You're failing to pay your
mortgage payments.

Loan or Mortgage Fraud: - answerWhen you lie on your loan application you are
committing loan fraud.

- answer- Lying about your income or your job on a federally insured loan application is
a crime.
- Lying on any loan application - lying on a loan for a car or a credit card can have very
bad consequences for you.
- Even if someone tells you to lie on the application, you are the person actually
committing the crime.
- The person who told you to lie may not be committing a crime.
- Bad news: A lot of people involved with loans will encourage you to lie on your loan
application. Why? They have nothing to lose. You do.
- Do not lie on loan applications, EVER!

Mortgage Broker: A mortgage broker is a person who brings together the borrower and
the lender. - answerWow, is this an important term for you to learn. You will need to
understand why mortgage brokers normally have no risk in the mortgage process.

The broker normally doesn't loan you the money.
The mortgage broker doesn't sell you the property.
The mortgage broker simply brings the home buyer and the lender together.

The mortgage broker normally has no risk in the mortgage process. - answerThe
mortgage broker is paid for bringing together a person that wants to get a mortgage and
a company that wants to sell a mortgage.
Mortgage brokers usually get paid a percentage of the mortgage loan. The bigger the
loan, the bigger their paycheck.
Mortgage brokers get their money whether or not you make your mortgage payments,
or can afford your mortgage payments.

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