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Xinnix Ground School Mortgage Final Exam
Questions and Correct Answers the Latest
Update and Recommended Version
On an FHA loan the upfront MIP should be included when calculating cash-to-close.
✓ False
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA)
✓ False
A 3-Year ARM adjusts every 3 years
✓ True
A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to
a specific lender/investor in the lender specs.
✓ False
A HELOC loan has an interest only payment
✓ True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay
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