Real Estate 4.2

how many loan payments will a buyer have to make per month when purchasing a home using a wraparound mortgage

1

a loan origination fee is

a fee charged by the lender to initiate a loan

which of the following statements regarding federally insured or guaranteed loans is true

a fha loan may be made only to a borrower whose intent is to occupy the property

a mortgage loan that includes provisions for periodic changes the interest rate is which type of mortgage

adjustable rate mortgage

a loan with constant payments, where increasing amounts are credited to the principal and decreasing amounts are charged for interest is called

an amortized loan

fha is comparable to which of the following

an insurance company

a loan where the final payment is larger than any of the previous is referred to as a

balloon mortgage

which of the following types of mortgages would normally allow a builder to remove a lien from a lot

blanket

clint is a qualified veteran and is getting a loan to buy a house for 110,000. the cry comes back at 105,000. which of the following statements is true?

clint can pay more than the appraised price. if the difference is paid from his personal funds.

what type of loan would probably have an 80% ltv ratio

conventional

who pays discount points on a va loan

either buyer or seller as agreed between them

which of the following types of loans is most likely to experience negative amortization

graduated payment mortgages

which of the following statements is not correct

hud establishes market-based interest rates for va and fha loans

which of the following will be given the greatest emphasis by a lender when qualifying an applicant for a va loan

income

which of the following statements about the federal national mortgage association is true

it raises funds to purchase loans by selling government guaranteed bonds

what are discount points

loan points paid in return for a lower interest rate

who is an intermediary between a lender and a borrower?

mortgage broker

one of the functions of the fha is

provide insurance protection to lenders

a mortgage in which payments are made from the mortgagee to the mortgagor is a

reverse mortgage

real estate loans would be sold by a lender in the

secondary mortgage market

fhlmc (freddie mac) requires to use standardized forms. the purpose of such standardization is

so that loans may be easily sold in the secondary market

what is the margin of an arm

the difference between the index and the note rate

the points to be paid on a loan are established by

the lender

each of the following statements about reverse mortgages is true except

the minimum age requirement for a reverse mortgage is 65 years old

when a buyer wishes to finance a home purchased with an fha insured loan, which of the following assurances does fha provide

the property passed fha inspection

in financial terms, leverage means

the use of borrowed money to make an investment

regulation z disclosures must be made before a contractual relationship is created between a borrower and a lender

true

with negative amortization the loan balance increases

true

buyers of loans in the secondary market include all of the following except

va

what is the primary difference between a mortgage banker and a mortgage broker

whether they make loans or act as intermiadiearies between borrowers and lenders