Loan to value ratio ltv Study guides, Class notes & Summaries

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

PSI Real Estate Salesperson Exam – With Questions & All Accurate Answers (Rated A+) PSI Real Estate Salesperson Exam – With Questions & All Accurate Answers (Rated A+) A subject property is an older home with four bedrooms and one bathroom. However, the surrounding neighborhood primarily consists of new construction with four bedrooms and three bathrooms. What can be said of the subject property? - ANSWER-The subject property is worth less because of functional obsolescence The acrony...

Champions real estate finance Exam Questions with Verified Answers 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. Package Mortgage ANS-Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage ANS-Covers more than one piece of propert...

NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Disabled ...

Mortgage Professionals Canada Exam Latest Update Graded A+ Mortgage a legal method by which a borrower can pledge property to the lender as security for a debt Where does today's mortgage industry trace its origin from? England -power of royalty and lords diminished due to development of middle class -loans secured by the right of ownership of the land became common -Here, the seller of the land supplied the credit to the purchaser Where does the term "mortgage" originate from? French words...

National PSI Broker Exam prep| Answered 100% Correctly| Latest 2024 National PSI Broker Exam prep| Answered 100% Correctly| Latest 2024 A broker is completing a CMA to determine the potential listing price of a seller's home. Which of the following is NOT part of the final CMA given to the seller? A) Highest and best use evaluation B) Comparable sales analysis C) Adjustments to past sales D) Pictures of comparables A) The answer is highest and best use evaluation. An appraiser d...

Champions School of Real Estate - Real Estate Finance exam Correctly Answered 2024 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 -Cover...

Champions Principles of Real Estate 2 Latest Version Graded A+ appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. limited appraisal report exterior only/drive by inspection. deemed as low risk loan highest and best use of property legal use that gives the greatest return Principal of Contribution cost does not equal value Re...

2024 Hud Final Exam Prep (Questions And Answers) Types of Credit Used - CORRECT ANSWER-Student loan or credit cards only FAKO scores - CORRECT ANSWER-purchase score which are educational score Fair Credit Reporting Act FCRA - CORRECT ANSWER-what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA - CORRECT ANSWER-free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA...

LTV Loan to Value ratio is the percentage of a property values the bank loaned/will loan on. LTVR x Value = Loan Amount Discount Points Pre-paid interest paid by or on behalf of borrowers at the beginning of the loan to reduce monthly mortgage payments 1 point = 1% of the loan = .25% interest reduction Equity Value - amount owed Appreciation increase in value