Piti payments - Study guides, Class notes & Summaries

CFP Exam Review Questions & Answers 2024/2025 Current ratio - ANSWERSCurrent assets/current liabilities Target: 1.0-2.0 Housing payment ratio - ANSWERSAll monthly nondoscretionary housing costs (PITI) / monthly gross income Target: <= 28% Debt-to-income ratio - ANSWERSAll monthly debt payments and housing costs/gross monthly income Target: <= 36% Solvency Ratio - ANSWERSTotal assets/total debt Target >= 1.1 Savings Ratio - ANSWERSSavings per year/gross income Targe...

Blanket Loan : Several pieces of property secured by a single loan (several lots on one note) Package Loan : A loan secured by real property plus personal property Down Payment Assistance Programs : Government and private programs whose stated purpose is to help buyers to become homeowners Subordination Clause : a clause allowing a lender to move to or take a lower lien position Mortgage : Lender under a mortgage 2 Non-Judicial Foreclosure : foreclosure that does not require court ...

HUD Certification Mock Questions and Answer |100% Correct| UPDATED!!! Back end ratio *Ans* compares the total of all monthly PITI expenditures plus auto loans and other debts with gross monthly income Front-end ratio *Ans* compares the total annual PITI expenditures for housing with the loan applicant's gross annual income to assess the borrower's ability to pay the mortgage Default *Ans* failure to pay back a loan Arrearages *Ans* Amount of total past due mortgage payments Blockb...

Xinnix SOAR Mock Exam Questions With Correct Answers A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. True A veteran may exchange a portion of their entitlement for cash. False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) True Gross rent may be considered effective income when an applicant is...

NATIONAL REAL ESTATE EXAM PRACTICE TEST |Updated| In most cases, broker compensation, as a percentage of home price, falls somewhere between: *Ans* 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? *Ans* Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? ...

VA Loan Requirements - ANSWERS- must be honorably discharged - must meet service requirements - time frame of service; number of days active duty - must obtain certificate of eligibility (COE) Loan Terminology - origination, funding, underwriting, servicing - ANSWERS1) Origination - process of creating a new mortgage loan; includes steps to attract and qualify a borrower 2) Funding - process of transferring funds to a title or escrow company for disbursement 3) Underwriting - process...

Champions School Of Real Estate National/State Finance Exam || Questions & Answers (100% Correct) Champions School Of Real Estate National/State Finance Exam || Questions & Answers (100% Correct) Blanket Loan - ANSWER - Several pieces of property secured by a single loan (several lots on one note) Package Loan - ANSWER - A loan secured by real property plus personal property Down Payment Assistance Programs - ANSWER - Government and private programs whose stated purpose is to help buye...

The formula for calculating simple interest is: - correct answerInterest = principal x rate x time Add-on interest Annual Percentage Rate (APR) - correct answerAPR= 2*n*IR/P(N+1) n: number of payment periods in each year IR: total financing charges P: principal or amount borrowed N: number of scheduled payments Housing costs include: - correct answerthe principal, interest, taxes and homeowner's insurance (PITI), and also may include some monthly assessments for mortgage insurance and...

A veteran has the ability to transfer a portion of their entitlement to another veteran. - False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. - False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card payments ($1,530 balance - No Y...

NATIONAL REAL ESTATE EXAM PRACTICE TEST 100% SOLVED 2024 In most cases, broker compensation, as a percentage of home price, falls somewhere between: - Answer- 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - Answer- Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased...