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Acceleration - correct answer The right of the mortgagee (lender) to demand immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested in the Due-on-Scale Clause. Adjustable Rate Mortgage (ARM) - correct answer Is a mortgage in which the interest rate is adjusted periodically based on a preselected index. Also sometime known as the re negotiable rate mortgage, variable rate or the Canadian rollover mortgage. Adjustm...

Mortgage - correct answer A conditional transfer or pledge of real estate as security for the payment of a debt; also, the document creating a mortgage lien. The real estate financing market has the following three basic components: - correct answer Governmental influences, primarily the Federal Reserve System The primary mortgage market The secondary mortgage market The role of the Federal Reserve System (the Fed) is to - correct answer maintain sound credit condition...

The Industrial Revolution changed American real estate by: - correct answer bringing more people into the cities, requiring the construction of more residential housing What is additional money paid to a lender for the use of their money? - correct answer Interest All of these describe the typical early mortgage: - correct answer interest-only loans, shorter terms, and originated by a local lender What banking act insured the deposits? - correct answer Federal Deposi...

Which of the following contractual clauses in a mortgage could apply where the mortgage is otherwise in good standing but the borrower has not paid his or her property taxes? (1) A "further charges" clause (2) A "repayment" clause (3) An "acceleration" clause (4) An "omnibus" clause - correct answer 4. Option (4) is correct because an omnibus clause allows the mortgagee to pay monies to be paid by the mortgagor (e.g., property taxes or strata charges) if unp...

Mortgage - correct answer The pledging of real property to a creditor or lender as a security for a debt Mortgage - correct answer An interest in land that is created by a contract (mortgage document) that is security for a loan made by the lender to the borrower Mortgage - correct answer The security over property given to the lender for repayment of the loan Mortgagee - correct answer The individual or entity that lends the funds secured by real property for which ...

What certified statement shows the outstanding balance due on a mortgage? - correct answer An estoppel certificate What obligations do purchasers of real estate take on when they assume a mortgage? - correct answer They agree to pay the debt A man bought a woman's property by assuming the existing mortgage and paying $30,000 in cash. Three years later, the man defaulted on the mortgage loan and the mortgagee foreclosed on the mortgage. What are the obligations in this situatio...

Commercial banks are notable for: - correct answer being the largest source of investment funds in the United States What is the mortgage banker's primary business? - correct answer Earn the fees associate with loan origination What is a mortgage broker? - correct answer a licensed professional who originates mortgage loans that are financed by one of several lenders the broker works with. What are mortgage loan originators? - correct answer The various businesses...

Appraiser - correct answer a qualified individual who uses his/her experience and knowledge to prepare the appraisal estimate Closing Agent - correct answer a third-party vendor that performs loan closings on behalf of the lender; someone from the title company usually acts as this individual Mortgage Banker - correct answer an individual who is licensed to sell mortgages in specific states to clients and can negotiate terms of the loan Mortgage Loan Originator - correct ...

mortgage - correct answer a legal agreement between a person and a bank that determines repayment for a loan used to buy a home or other property. a borrower agrees loan amount, interest rate, and payment term. they pay it back over years. they can be over 30 years. they should make up no more than 20-25% of budget consequence - correct answer a legal agreement that determines repayment for a loan used to buy a home or other property credit - correct answer the level of trus...

Section: - correct answer The Basics of Mortgage Financing A mortgage is? - correct answer A loan to purchase property, with the property as collateral. The variety of mortgage options means you can borrow the same amount of? - correct answer Money but with different terms and end up paying very different amounts back. You're not stuck with your first mortgage for life. If you sell the house, you'll get a new mortgage when you buy your next one. And if you decide to...

Match the terms to their definition. - correct answer ARM - Adjustable Rate Mortgage; a mortgage that has a fixed rate for a certain amount of time and then has a variable rate that changes periodically balloon mortgage - a short-term mortgage in which small payments are made until the completion of the term, at which time the entire balance is due escrow - an account with a financial institution used to pay taxes and insurance FHA loan - a government-backed loan, which makes it easier f...

Purchase Money Second Mortgages - correct answer A purchase money mortgage is a mortgage offered by the seller of a home. As part of the deal, the seller takes the place of the bank, setting the terms of the mortgage. This type of loan is often referred to as seller financing.A purchase money second mortgage is often used in conjunction with traditional mortgages to help buyers avoid paying mortgage insurance. The loan basically takes the place of a down payment when the borrower chooses to...

types of mortgages - correct answer -Fixed rate -Adjustable Rate -Graduated Payment -Growing Equity -Second Mortgage -shared appreciation -balloon payment fixed rate mortgage - correct answer locks in the borrowers interest rate over the life of the mortgage -a financial institution holding mortgage is exposed to interest rate risk -borrowers with fixed rate mortgages do not suffer from rising rates -not not benefit from declining rates adjustable rate mortgages (ARM) -...

We have a $146,500 mortgage, for 25 years, and the monthly payment is $989.28. What is the interest rate? - correct answer 6.5% A property has a first mortgage of $150,000, a second mortgage of $25,000, and a third mortgage of $10,000. It is foreclosed and sold for $170,000. The holder of the third mortgage gets $________ and the holder of the second mortgage receives $ _________. - correct answer 0, $20,000 If I put $8,000 in the bank every year for 12 years, at 3.2% interest - ...

A mortgage is - correct answer a financing instrument that creates a lien against a property. A mortgage pledges the real property described in the mortgage document as collateral for the debt described in the note. The lender who gives the money is the mortgagee, and the borrower who gives the mortgage is the mortgagor. The borrower retains the rights of ownership (title) to the property while the property becomes encumbered by the lien. A mortgage loan consist of two parts: - correct a...

mortgage - correct answer a loan for the purpose of buying property, usually paid in payments of principal (amount borrowed) and interest over a period of from 15 to 30 years. equity - correct answer the difference between what a house (or property) is worth, and what is owed on the mortgage. capital gain - correct answer an increase in the value of a property when selling (taxes may have to be paid on the gains) appraised value - correct answer the approximate value...

What is a mortgage? - correct answer A loan used to pay off majority of a home or property that is paid off over time with interest, using the property itself as collateral What is a mortgage lock-in? - correct answer A lender's promise to hold a certain interest rate and a certain number of points (additional charges) for you, usually for a specified period of time, while your loan application is processed. What is an adjustable-rate mortgage? - correct answer A mortgage...

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The break-even point is when total cost equals total revenue. - correct answer true Which of the following is a non-controllable expense of a budget? - correct answer variable expenses Which of the following is not an example of a check and balance in a financial control system? - correct answer satisfaction of event organizer Gross revenue is the total revenue after any costs have been deducted. - correct answer true A last minute crisis that could lead to a pric...

How is customer service measured? - correct answer Moment of truth interactions The key to customer satisfaction is to ____. - correct answer establish expectations In what way does electronic marketing benefit an event? - correct answer Expands the audience through redistribution Registration personnel should not have to ____. - correct answer endure vulgar language The admittance system is a ____. - correct answer control system What is the purpose of th...