Xinnix Ground School Questions and Answers Best rated A+ Guaranteed Success Latest Update

Wholesale lenders - CORRECT ANSWER-Table fund at closing. All closing docs in name of wholesale lender. Fannie Mae (FNMA) - CORRECT ANSWER-Federal National Mortgage Association Freddie Mac (FHLMC) - CORRECT ANSWER-Federal Home Loan Mortgage Corporation FHA - CORRECT ANSWER-Federal Housing Administration VA - CORRECT ANSWER-Veteran's Administration Non-agency loans - CORRECT ANSWER-Comprise any loans not made by the 4 lending agencies Conforming loans - CORRECT ANSWER-Any agency loan Jumbo loan - CORRECT ANSWER-Any conventional loan that is in excess of the loan limits set by Fannie Mae and Freddie Mac. All jumbo loans are, by definition, nonconforming; the reverse, however, is not true. Conventional - CORRECT ANSWER-A loan NOT insured by FHA or VA Non-conforming - CORRECT ANSWER-Any loan that does NOT conform to Freddie Mac or Fannie Mae guidelines URLA - CORRECT ANSWER-Uniform residential loan application. 1003. Construction loan - CORRECT ANSWER-A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses. Construction-permanent loan - CORRECT ANSWER-Same as Construction loan except that long-term financing replaces the interim financing upon home completion. Primary residence (owner-occupied, principal residence) - CORRECT ANSWERResidence that the owner physically occupies Secondary residence (second home) - CORRECT ANSWER-Property purchased for occupancy but not considered primary residence. Such as a vacation home.Investment property (rental property) - CORRECT ANSWER-Property purchased by borrower with no intention to occupy and is instead used to establish rental income cash flow. Primary residence > Second home > Investment property - CORRECT ANSWERRisk of default to lender rated lowest to highest based on property purpose. Single Family Detached - CORRECT ANSWER-A dwelling with no shared walls, designed to be used by one household Single Family attached - CORRECT ANSWER-Two or more dwellings sharing a common wall. Townhouses and condos Condominium - CORRECT ANSWER-A separate living unit joined together by like units sharing common walls. first-time homebuyer - CORRECT ANSWER-Someone who has never owned a home Move-up homebuyer - CORRECT ANSWER-Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - CORRECT ANSWER-Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer - CORRECT ANSWER-Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty-nester homebuyer - CORRECT ANSWER-Experienced homebuyers looking to downsize due to age and no dependent children. Investor homebuyer - CORRECT ANSWER-Well seasoned and knowledgeable about mortgage process. Rate sensitive, smarter, potentially impatient and time sensitive. Looking to close as quickly as possible. End lender in mortgage banking - CORRECT ANSWER-correspondent lender End lender in mortgage brokering - CORRECT ANSWER-wholesale lender Correspondent lenders - CORRECT ANSWER-purchase closed loans from banks and mortgage bankers. Warehouse line of credit. Townhouse - CORRECT ANSWER-A dwelling of two or three stories that attaches at sidewalls to other units; each person owns walls and air space plus property rights and yard of the unitDuplex, triplex, quadruplex - CORRECT ANSWER-Properties that have 2, 3, 4 units respectively located in one building Planned Unit Development (PUD) - CORRECT ANSWER-A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision. Fixed-rate mortgage - CORRECT ANSWER-A mortgage where the interest rate and payments remain constant throughout the entire duration of the loan. Adjustable Rate Mortgage (ARM) - CORRECT ANSWER-A loan characterized by a fluctuating interest rate, usually one tied to a specific index.