Xinnix Ground School Questions and Answers Already Graded A

Xinnix Ground School Questions and Answers Already Graded A first-time homebuyer - Answer ️️ -Someone who has never owned a home Move-up homebuyer - Answer ️️ -Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - Answer ️️ -Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer - Answer ️️ -Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty-nester homebuyer - Answer ️️ -Experienced homebuyers looking to downsize due to age and no dependent children. Investor homebuyer - 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 - Answer ️️ -correspondent lender End lender in mortgage brokering - Answer ️️ -wholesale lender Correspondent lenders - Answer ️️ -purchase closed loans from banks and mortgage bankers. Warehouse line of credit. Wholesale lenders - Answer ️️ -Table fund at closing. All closing docs in name of wholesale lender. Fannie Mae (FNMA) - Answer ️️ -Federal National Mortgage Association Freddie Mac (FHLMC) - Answer ️️ -Federal Home Loan Mortgage Corporation FHA - Answer ️️ -Federal Housing Administration VA - Answer ️️ -Veteran's Administration Non-agency loans - Answer ️️ -Comprise any loans not made by the 4 lending agencies Conforming loans - Answer ️️ -Any agency loan Jumbo loan - 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 - Answer ️️ -A loan NOT insured by FHA or VA Non-conforming - Answer ️️ -Any loan that does NOT conform to Freddie Mac or Fannie Mae guidelines URLA - Answer ️️ -Uniform residential loan application. 1003. Construction loan - 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 - Answer ️️ -Same as Construction loan except that long-term financing replaces the interim financing upon home completion. Primary residence (owner-occupied, principal residence) - Answer ️️ -Residence that the owner physically occupies Secondary residence (second home) - Answer ️️ -Property purchased for occupancy but not considered primary residence. Such as a vacatio