Heloc - Study guides, Class notes & Summaries

Summary of the knowledge clips and lectures from block 9 week 1 to week 4 + overview of key concepts per normative ethical theory. Mainly in English.

Champions Real Estate Finance Final Exam With Correct Answers 2024 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...

Notary Signing Agent key words exam solution HELOC - Home Equity Line of Credit

Loan-to-Value Ratio (LTV) ANS 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. 2. Package Mortgage ANS Includes both real and personal property ( fixtures and furnishings) 3. Blanket Mortgage ANS Covers more than one piece of property. 4. Wraparound Mortgage ANS Method of financing which preserv...

HELOC (Ans- Home Equity Line of Credit Construction Loan (Ans- 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 or is converted to a mortgage. Reverse Mortgage (Ans- A 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 lives in the home. Th...

Champions Real Estate Finance Questions & Revised Correct Answers <Updated < Already Passed> 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 Mortg...

Champions Real Estate Finance graded A+ already passed 2023Loan-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 ...

What does TILA stand for?Answer - Truth-In-Lending Act, Regulation Z What is a HELOC loan?Answer - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan?Answer - LTV stands forAnswer - Loan to Value Define PMI and state what the acronym stands for.Answer - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for?Answer - Disabled veterans ...

Based on the following scenario, what is the borrower's qualifying ratios under FHLMC guidelines? PITI: $3,350 monthly Income: $8,350 monthly Debt: $595 - car payment - 40.12% / 47.25% A straw buyer is an individual who is paid to purchase a property and apply for a mortgage for someone who is unable to qualify for a loan. - True A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered _________ - A gift from a relativ...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...

Who are the stakeholders in the loan process? (Ans- The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? (Ans- 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? (Ans- A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What ty...