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Ch. 13 - Types of Mortgages and Sources of Financing
Terms in this set (23)
Which is NOT an agency that deals (buys loans) in the secondary market?
Federal Housing Administration
A man had a loan for $60,000 and he had to pay 2.5 points. How much would he have to pay in cash?
_______________ guaranty allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available.
Government National Mortgage Association (GNMA)
According to the TRID rule, lenders must give a copy of which booklet to every person at the time of application for a loan?
Your home loan toolkit
A final payment of a mortgage loan that is considerably larger than the other monthly payments because the loan was not fully amortized describes a(n)
__________ mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination.
A lender generally charges discount points on an FHA loan to
provide greater interest yield to the investor.
Which law requires lenders to disclose to buyers the true cost of obtaining credit so that the borrower can compare the costs of various lenders?
The amount of a loan expressed as a percentage of the value of the real estate offered as security is the
loan to value ratio.
In making a home mortgage loan, a lender would consider all EXCEPT
financial need of the borrower.
An FHA mortgage is obtained through
any qualified lending institution.
A developer would MOST LIKELY obtain which type of mortgage on a new subdivision?
Which of these organization's public mission and defining goal is to help more families achieve the American Dream of homeownership?
Federal National Mortgage Association.
The VA benefit from the Department of Veteran's Affairs for a veteran approved home loan guarantees that
the loan, or a portion of it, made by an approved lending institution will be paid.
A veteran had a VA loan using his full entitlement. He allows another veteran to assume the loan without VA approval. Could he immediately get another VA loan?
No. He is still liable for the loan.
Which mortgage allows a person to buy a home with no money down?
Buyer Carr went to get an FHA loan because rates were significantly below the current market rate for conventional loans. The loan requires 3 discount points because it is below market rates. Which BEST describes this situation?
Points can be charged to either the buyer or seller.
___________________________ ensures that all consumers are given an equal chance to obtain credit. This doesn't mean all consumers who apply for credit get it; factors such as income, expenses, debt, and credit history are considerations for creditworthiness.
The Equal Credit Opportunity Act (ECOA)
_________________ was created to stabilize the nation's mortgage markets and expand opportunities for homeownership and affordable rental housing.
The Department of Housing and Urban Development (HUD)
The primary distinction between the primary and secondary mortgage market is what?
The secondary market is fundamentally a holding or warehousing process.
For a veteran to obtain a VA loan, the VA must issue a certificate of
What kind of a loan would be fully paid out over the life of the loan?
The basic difference between an FHA and a VA loan is
FHA insures loans, VA guarantees them.
THIS SET IS OFTEN IN FOLDERS WITH...
Ch. 11 - Real Estate Contracts
Ch. 10 - Legal Descriptions
Ch. 16 - Real Estate Appraisal
Ch. 2 - Real Estate License Law
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