Module 10 fool proof questions with
solutions 2024
Mortgagor - answer That’s you! You are the person borrowing money.
The Borrower: - answer That’s you, too. When you get a mortgage, you have definitely
borrowed money!
Mortgage Default: - answer Short definition: You're in trouble. You're failing to pay your
mortgage payments.
Loan or Mortgage Fraud: - answer When you lie on your loan application you are
committing loan fraud.
Lying about your income or your job on a federally insured loan application is a crime.
Lying on any loan application - lying on a loan for a car or a credit card can have very
bad consequences for you.
Even if someone tells you to lie on the application, you are the person actually
committing the crime.
The person who told you to lie may not be committing a crime.
Bad news: A lot of people involved with loans will encourage you to lie on your loan
application. Why? They have nothing to lose. You do.
Do not lie on loan applications, EVER!
Mortgage Broker: - answer A mortgage broker is a person who brings together the
borrower and the lender.
Wow, is this an important term for you to learn. You will need to understand why
mortgage brokers normally have no risk in the mortgage process.
The broker normally doesn't loan you the money.
The mortgage broker doesn't sell you the property.
The mortgage broker simply brings the home buyer and the lender together. The
mortgage broker normally has no risk in the mortgage process.
The mortgage broker is paid for bringing together a person that wants to get a mortgage
and a company that wants to sell a mortgage.
Mortgage brokers usually get paid a percentage of the mortgage loan. The bigger the
loan, the bigger their paycheck.
Mortgage brokers get their money whether or not you make your mortgage payments,
or can afford your mortgage payments.
Mortgage brokers get paid even if you default on your loan.
Some downfall - answer Many bad mortgage brokers talked people into getting larger
mortgages than they could afford.
solutions 2024
Mortgagor - answer That’s you! You are the person borrowing money.
The Borrower: - answer That’s you, too. When you get a mortgage, you have definitely
borrowed money!
Mortgage Default: - answer Short definition: You're in trouble. You're failing to pay your
mortgage payments.
Loan or Mortgage Fraud: - answer When you lie on your loan application you are
committing loan fraud.
Lying about your income or your job on a federally insured loan application is a crime.
Lying on any loan application - lying on a loan for a car or a credit card can have very
bad consequences for you.
Even if someone tells you to lie on the application, you are the person actually
committing the crime.
The person who told you to lie may not be committing a crime.
Bad news: A lot of people involved with loans will encourage you to lie on your loan
application. Why? They have nothing to lose. You do.
Do not lie on loan applications, EVER!
Mortgage Broker: - answer A mortgage broker is a person who brings together the
borrower and the lender.
Wow, is this an important term for you to learn. You will need to understand why
mortgage brokers normally have no risk in the mortgage process.
The broker normally doesn't loan you the money.
The mortgage broker doesn't sell you the property.
The mortgage broker simply brings the home buyer and the lender together. The
mortgage broker normally has no risk in the mortgage process.
The mortgage broker is paid for bringing together a person that wants to get a mortgage
and a company that wants to sell a mortgage.
Mortgage brokers usually get paid a percentage of the mortgage loan. The bigger the
loan, the bigger their paycheck.
Mortgage brokers get their money whether or not you make your mortgage payments,
or can afford your mortgage payments.
Mortgage brokers get paid even if you default on your loan.
Some downfall - answer Many bad mortgage brokers talked people into getting larger
mortgages than they could afford.
