Xinnix SOAR Mock Exam Questions And Answers 2022/2023

A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. - Answer- True A veteran may exchange a portion of their entitlement for cash. - Answer- False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - Answer- True 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. - Answer- False A simultaneous second mortgage is obtained at the same time as a first mortgage. - Answer- True A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - Answer- True Most loans do not have a prepayment penalty. - Answer- True What are the four General Styles of Communication? - Answer- Expresser, Relater, Driver, Analytic VA requires connection to a public or community water/sewer disposal system if required by local building, planning, or health authorities. - Answer- True A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. - Answer- True HOA dues are included in the PITI calculation. - Answer- False All of the following documents must be provided by the builder to the mortgage company on an FHA new construction loan prior to the loan being cleared to close EXCEPT: - Answer- Appraisal Certificate DU does not consider non-occupant income as qualifying income. - Answer- True To sympathize with a customer lets them know you identify with the way they feel. - Answer- True FNMA and FHLMC are fully backed by the U.S. Government. - Answer- True What is the qualifying rate for a 3/1 ARM with a note rate of 4.25% and 2/6 caps? The fully-indexed rate is 6.38%. - Answer- not 4.25%