Heloc - Study guides, Class notes & Summaries

HELOC - collect answerHome Equity Line of Credit Construction Loan - collect answerA short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses or is converted to a mortgage. Reverse Mortgage - collect answerA loan based on the equity in a home that provides homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies. No payment as long as the borrower ...

MD Real Estate PSI exam Question and answers 100% correct 2024 MD Real Estate PSI exam home equity loan - correct answer A loan under which a property owner uses the property as collateral and can then draw funds up to a prearranged amount against the property. Also called a home equity line of credit, or HELOC. home inspection - correct answer A thorough visual survey of a property's structure, systems, and site conditions conducted by a professional. Home Mortgage Disclosure Act ...

Who are the stakeholders in the loan process? - answer-The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - answer-An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - answer-A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What type...

Who are the stakeholders in the loan process? - Answer The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - Answer An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - Answer A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's ...

Loan-to-Value Ratio (LTV) - Answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - Answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Answer Covers more than one piece of property. Wraparound Mortgage - Answer Method of ...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Who are the stakeholders in the loan process? - The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What types of transactions doe...

MD Real Estate PSI exam Latest Update Graded A+ home equity loan A loan under which a property owner uses the property as collateral and can then draw funds up to a prearranged amount against the property. Also called a home equity line of credit, or HELOC. home inspection A thorough visual survey of a property's structure, systems, and site conditions conducted by a professional. Home Mortgage Disclosure Act A federal law, implemented at its creation by Regulation C of the Fede...

Loan-to-Value Ratio (LTV) : The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage : Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage : Covers more than one piece of property. Wraparound Mortgage : Method of financing which preserves the low, exi...

NOTARY Signing Agent Certification Exam with latest solution 2024 Who are the stakeholders in the loan process? - answer-The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - answer-An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - answer-A closing company could be: -closing agent -ban...