Refinancing - Study guides, Class notes & Summaries

REE 4204 exam 4, Real estate finance exam 3, REE 4202- Exam 2 Sirmans, Real estate finance Sirmans Exam 1 - Combined Test With Correct Revised Answers Guaranteed Pass!! Mortgage Refinancing - ANSWER : ●Replaces an existing mortgage with a new mortgage without a property transaction. ●Borrowers will most often refinance when market rates are low. ●The refinancing decision compares the present value of the benefits (payment savings) to the present value of the costs (p...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

Borrower (Mortgagor) - correct answer An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title - correct answer Title is the document that gives evidence of ownershipof a property. Also indicates the rights ofownership and possession of the property. Individualswho will have legal ownership in theproperty are considered "on title" and will sign themortgage and other documentation Refinancing - co...

Expense amount on cash flow o :## (Expense Amt x % Fixed) + (Expense Amt x % Variable x % Occupied) Reimbursable expenses o :## expenses a property owner will recover from tenants. Includes CAM, Taxes, Insurance and Repairs Recent Properties o :## -included in navigation pane -allows user to see up to 10 most recent Argus files Global Categories o :## -in navigation pane, includes: 1. Manage Indices 2. Manage Inflation Rates 3. Manage Classifications 4. Manage Currencies 5. Manage...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular com...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring home buyers to purchase title insurance from a particular company pro...

Equity The difference, in dollars, between the value of the property and the amount of financing currently on the property. Value - Financing = Equity Balloon Payment The amount repayable at the end of the term Chattel Personal property, movable property and other property not deemed to be fixtures. Equity Take-Out (ETO) The removal of equity by refinancing of the property. An equity take-out is when a borrower increases the size of their mortgage or takes out a second mortgage ...

- correct answers--The levels of interest on loans change so you may want to reduce your interest rate on a loan, or you may require more money. -LTVs are low -Interest rates are lower than your current rate -Low-risk of not meeting new debt service -Unlock equity (equity extraction) that may be used for other investments, buy back stock, etc. -HOWEVER, terms must be favorable and refinancing must have a strategic purpose: ---Lower interest ---Appropriate term ---Investors hurd...