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Xinnix SOAR Mock Exam | 70 Questions with 100% Correct Answers | Updated and Verified
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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. - True A veteran may exchange a portion of their entitlement for cash. - False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - 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. - False A simultaneous second mortgage is obtained at the same time as a first mortgage. - True A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - True Most loans do not have a prepayment penalty. - True
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