Borrowers Study guides, Revision notes & Summaries

A Notary Signing Agent has been providing signing services with no incidents for over 10 years without having undergone a background screening. Therefore he or she: correct answers Must still obtain and pass a background screening A Notary Signing Agent with nearly 10 years experience has reviewed and is completely familiar with all the documents in a loan package. When meeting with the borrower, the Notary Signing Agent may now: correct answers Present and state the general purpose of each d...

HECM REVERSE MORTGAGE - A LOAN AGAINST HOME EQUITY PROVIDING CASH AVANCES TO A BORROWER AND REQUIRING NO REPAYMENT UNTIL A FUTURE TIME REVIEW 2023

HELOC (Ans- Home Equity Line of Credit Construction Loan (Ans- 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 or is converted to a mortgage. Reverse Mortgage (Ans- A loan based on the equity in a home that provides homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies. No payment as long as the borrower lives in the home. Th...

Texas Principles of Real Estate 2 (2023/ 2024) Exam | Guide with Verified Answers| 100% QUESTION Loan Origination Fee? Answer: The financing charge that a lender requires. QUESTION VA Loan? Correct Answer: A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran's Affairs guarantees the lender payment of the mortgage. Guarenteed Loan. QUESTION FHA Loans? Answer: Insured. 203b, 203h, Rehab loa...

HECM PRACTICE EXAM 2024 WITH 100% CORRECT ANSWERS The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - correct answer b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% o...

TEST: Qualifying the Borrower questions and answers latest top score. What is the largest house payment that Mr. Shultz can have with his current income of $63,780 per year considering he just bought a car with a payment of $700 per month? (FNMA) - correct answers.ANSWER: $1,213.40 Using the information provided, answer the following question: Sales price = $187,000 Interest Rate = 6.25% 30 year fixed Down Payment = 10% Agency Loan Owner Occupied Taxes = 1.5...

Gold Coast Chapter 13:questions with correct answers 100%Although there are a number of different methods for repaying a loan, there are only 3 types of mortgages: - correct answer FHA insured; VA guaranteed; And conventional. FHA insured mortgage loans: - correct answer The Federal Housing Administration (FHA) is a part of the U.S Department of Housing and Urban Development (HUD). ***The FHA DOES NOT make loans. Instead, it insures loans made by approved local lenders. The loan is fu...

What does TILA stand for?Answer - Truth-In-Lending Act, Regulation Z What is a HELOC loan?Answer - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan?Answer - LTV stands forAnswer - Loan to Value Define PMI and state what the acronym stands for.Answer - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for?Answer - Disabled veterans ...

Gold Coast Chapter 13: Although there are a number of different methods for repaying a loan, there are only 3 types of mortgages: - correct answer FHA insured; VA guaranteed; And conventional. FHA insured mortgage loans: - correct answer The Federal Housing Administration (FHA) is a part of the U.S Department of Housing and Urban Development (HUD). ***The FHA DOES NOT make loans. Instead, it insures loans made by approved local lenders. The loan is funded by a lending institution, su...

REE 4204 exam 4, Real estate finance exam 3, REE 4202- Exam 2 Sirmans, Real estate finance Sirmans Exam 1 - Combined Test With Correct Revised Answers Guaranteed Pass!! Mortgage Refinancing - ANSWER : ●Replaces an existing mortgage with a new mortgage without a property transaction. ●Borrowers will most often refinance when market rates are low. ●The refinancing decision compares the present value of the benefits (payment savings) to the present value of the costs (p...