13. TEST / Types of Mortgages and Sources of Financing
Terms in this set (22)
Which mortgage allows a persona to buy a home with no money down?
A developer would MOST LIKELY obtain which type of mortgage on a new subdivision?
Buyer Carr went to get as FHA loan because rates were significantly bellow the current market rate for conventional loans. The loan requires 3 discount points because it is bellow market rates. Which BEST describes this situation?
Points can be charged to either the buyer or seller.
The amount of a loan expressed as a percentage of the value of the real estate offered as security is:
Loan to value ratio
Lender generally charges discount points on an FHA loan to:
Provide greater interest yield to the investor.
MAN HAD A LOAN FOR $60.000,- and he had to pay 2.5 point. How much would he have to pay in cas
In making a home mortgage loan, a lender would consider all EXCEPT:
Financial need of the borrower,
A final payment of a mortgage loan that is considerably larger that the other monthly payments because the loan was not fully amortized is called
The basic difference between and FHA and VA loan is:
FHA insures loans, VA guarantees them
For a veteran to obtain VA loan, the VA must issue a certificate of:
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.
An FHA mortgage is obtained through:
Any qualified lending institution
The primary distinction(s) between the primary and secondary mortgage market is:
the secondary market is fundamentally a holding or warehousing process
Which is NOT an agency that deals (buys loans) in the secondary market?
Federal Housing Administration
What kind of a loan would be fully paid over the life of the loan?
loan with a balance of $21.00.- prior to the June 1st payment was figured at 1% annually with monthly principal and interest of $571.80. There was a 1% prepayment penalty. The owner paid the June 1st payment and then paid odd the balance of the loan. How much was the prepayment penalty?
_______ mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination
The VA benefit from Department of veterans' affairs for a veteran approved home loan guarantees that:
the loan, or portion of it, made by an approved lending institution will be paid.
This organization's public mission and defining goal is to help more families achieve the American Dream of homeownership
Federal National Mortgage Association
_______Guaranty allows mortgage lenders to obtain a better price for their mortgage loans in secondary market. The lenders can then use the proceeds to make new mortgage loans available.
Government national Mortgage Association (GNMA)
_______was created to stabilize the nation's mortgage market and expand opportunities for homeownership and affordable rental housing
._______ensures that all consumers are given and equal chance to obtain credit. This does'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)
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Ch. 13 - Types of Mortgages and Sources of Financing
Real Estate Finance Unit 2
OTHER SETS BY THIS CREATOR
16. TEST / Real Estate Appraisal
17. TEST / Real Estate Investments and Business Opportunity Brokerage
18. TEST / Taxes Affecting Real Estate
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 15 the real estate