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NMLS Final Exam Review #1 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026.
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NMLS Final Exam Review #1 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. A discount point is BEST described as a charge the borrower pays to: decrease the interest rate on the mortgage loan. A lender to A buyer has made an earnest money payment of $5000. The buyer pays an additional $2000 in option money to be credited at closing on a property with the sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the down payment at closing? $25,000 (160000x.20 =$32,000-$7000=25000) If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's monthly income? $2343.47 (40x13.52x52/12)
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