An amortized loan - Study guides, Class notes & Summaries

Xinnix Final Exam Questions With Answers 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), $...

Homes for All considers itself a nonprofit organization. In order for its employees to be exempt from the licensing requirements of the S.A.F.E. Act, each of the following must be true about Homes, except: A) It has tax-exempt status under the Internal Revenue Code B) Its employee compensation package does not encourage an employee to act in his or her own interests over that of his or her clients C) It promotes affordable housing D) It may engage in both nonprofit and for-profit activitie...

a. correct answersWhen a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the: a. mortgagor b. lender c. mortgagee d. beneficiary b. correct answersA buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly payments for these two loans? (BE SURE TO USE THE AMORTIZATION TABLE....

An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptable. The...

MD Real Estate PSI National Exam 1 Question and answers rated A+ 2024MD Real Estate PSI National Exam 1 Usury MOST nearly means - correct answer A: illegal interest. Each state sets its own ceiling for the maximum interest rate lenders may charge. Rates above that ceiling are considered ________ and ______. No reputable lender exceeds those rates and those that make a practice of it are commonly known as loan sharks. - correct answer usurious and illegal. Which of the following desc...

A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. - False 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 relative and would require a gift letter, as well as proof that the funds have been transferred to the borrower's account A borrower can use a credit card to pay for their required down payment. - Response: False...

COLORADO LAW AND PRACTICE - PSI REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. Abandonment - -Non-payment of taxes Abstract of title - -A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause - -Upon default, all the principal installments come due to immediately Accesion - -owner of land is entitled to all the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not ...

UCE Exam Questions & Answers 2024/2025 In compliance with legal lending limits, FNB Podunk made a loan secured by livestock in 2013. In 2014, the collateral value declined below the market value exception. Due to this decline in value, the loan is a violation of the legal lending limit. a) True b) False - ANSWERSFalse: While not a violation, this would be a "nonconforming" loan. In this instance, bank management would need to remedy the collateral shortfall within 30 days. See 12 CFR...

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...

Principles of Real Estate 2 Champions School of Real Estate ECOA (equal credit opportunity act) all consumers are given a equal chance to obtain credit. Truth in Lending Act (TILA) protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. specifies requirements found in regulation z. trigger terms 1. amount of down payment. t of any payment 3. number of payments or period of repayment 4. amount of any finance ...