Quiz7

Borrower retains possession while the lender holds security interest. Radon Mortgage Theories Interest Rate Hypothecated

Promissory Note is _______________________________________. Borrower retains possession while the lender holds security interest Primary evidence of debt and is the borrowers pledge to repay the debt Barrower retains title (deed) and gives lender a lien on the property Three party instrument where the Trustor gives a note to the Beneficiary and as security for the note conveys a bare legal or naked title and/or power of sale to a trustee

My lender told me that even though I owe $249,894.94 that I can sell my house as long as I get enough to ________________________________. payoff my care note payoff all the interest that is owed on the mortgage payoff and satisfy the current mortgage pay enough points to override the current mortgage

A promissory note must include all of the following except? Loan Amount Interest Rate Time Points

A mortgage is _______________________________________. Primary evidence of debt and is the borrowers pledge to repay the debt Three party instrument where the Trustor gives a note to the Beneficiary and as security for the note conveys a bare legal or naked title and/or power of sale to a trustee Two party instruments where the Mortgagor gives an interest and a note to a Mortgagee in exchange for the loan Barrower retains title (deed) and gives lender a lien on the property

The home a mortgage is based on is considered real property, but a mortgage is considered ____________________________. Private Property Always a Land Contract A Lien Personal Property

A trust is established when? Three party instrument where the Trustor (borrower) gives a note to the Beneficiary (lender) and as security for the note conveys a bare legal or naked title and/or power of sale to a trustee (third party) Two party instruments where the Mortgagor (the borrower) gives an interest and a note to a Mortgagee (the lender) in exchange for the loan Barrower retains title (deed) and gives lender a lien on the property, Once the loan is paid off the lender gives the Borrower a Satisfaction of Mortgage, which once recorded, removes the mortgage lien on the property Two parties agree that the property should be managed by another party who may or may not be associated with one of the other parties that participated in the party in high school One party agrees to allow another party to participate in a transaction where the first party was not allowed to participate in another party or be a party to a party where you were a party to a transaction in the past but not before high school

The seller may choose to allow the buyer to pay the seller vs getting a traditional mortgage from a lender. Trust Instrument Seller Pre-payment Seller Promissory Note Seller Financing

Primary Financing is your traditional mortgage when you buy the home, but secondary financing could be ___________________________. a car loan a home equity loan a land contract an adjustable rate mortgage

Secondary Mortgage Market companies include all of the following except? Fannie Mae Farmer Mac Bernie Mac Ginnie Mae

Private corporation now under federal conservatorship who buys FHA, VA and conventional loans. Fannie Mae Farmer Mac Freddie Mac Ginnie Mae

A private government-chartered corporation now under federal conservatorship for federal savings associations who buys FHA, VA and conventional loans. Fannie Mae Farmer Mac Freddie Mac Ginnie Mae

Debits to the buyer will show up as a __________________ to the seller Debit Credit Closing Cost Commission

A ______________________________ works for one entity or institution but lends money from multiple other entities or institutions. Mortgage Broker Mortgage Banker Mortgage Realtor Mortgage Loan Originator

A division of the Department of Housing and Urban Development (HUD). Guarantees government-assistance loans where other financing is unavailable and mortgage-backed securities. Fannie Mae Farmer Mac Freddie Mac Ginnie Mae

A federally charted company in the secondary mortgage market for agricultural and rural housing loans. Purchases qualified loans from lenders and issues government guaranteed securities. Fannie Mae Farmer Mac Freddie Mac Ginnie Mae

A ______________________________ works for one entity or institution and only lends money from that entity or institution. Mortgage Broker Mortgage Banker Mortgage Realtor Mortgage Loan Originator

Primary Mortgage Insurance is intended to protect the _______________________. Seller Buyer Appraiser Lender

____________________ is responsible for property related costs as of the day of closing. The Buyer The Realtor The Seller The Selling Agent

Mortgage Insurance Premium is intended to protect the _______________________. Seller Buyer Appraiser Lender

Private Mortgage Insurance applies when a buyer hasn't put down at least a 20% down payment on a ____________________ loan. FHA VA Adjustable Rate Conventional

Mortgage Insurance Premium applies when a buyer hasn't put down at least a 20% down payment on a ____________________ loan. FHA VA Adjustable Rate Conventional

An assessment of a lender's risk that financial institutions and other lenders examine before approving a mortgage is known as __________________________. Private Mortgage Insurance Mortgage Insurance Premium Loan To Value Ratio Refinance

Mortgage Insurance Premium stays on the mortgage for __________________________. the life of the loan until 80% LTV ratio is met until 76% LTV ratio is met up until 22% LTV is met

Once the LTV ratio equals 80% the PMI may be dropped off of a _____________________ loan. VA FHA USDA Conventional

What is the mortgage amount for the buyer if the sale price of the home is $245,000 with the down payment of 15%? $196,000 $208,250 $36,750 $220,500

Second mortgage based on the equity the borrower has in the home is known as _________________________. a reverse mortgage a home equity loan a purchase money loan an adjustable rate mortgage

________________ are charged by a _________________ to cover expenses that generally allow a buyer to lower or buy down an interest rate. Interest Rates, Broker Points, Lender Points, Realtor Points, FHA Lender

A short sale is where a ________________________________________________________. Borrowers have the right to convey the property as long as the current mortgage note is paid off at the time of sale Second mortgage based on the equity the borrower has in the home Borrower defaults on a note (mortgage) and a public sale occurs and sells the property to the highest bidder Lender agrees to accept home sale proceeds as settlement of a loan that is indebtedness

A foreclosure is where a ________________________________________________________. Borrowers have the right to convey the property as long as the current mortgage note is paid off at the time of sale Second mortgage based on the equity the borrower has in the home Borrower defaults on a note (mortgage) and a public sale occurs and sells the property to the highest bidder Lender agrees to accept home sale proceeds as settlement of a loan that is indebtedness

The Federal Reserve has four basic controls that include all except? Reserve Requirements Open Market Transactions Mortgage Rates Money Supplies

Loans made without government guarantees or government insurance. FHA Conventional VA USDA

What are the 4 C's for a buyer's qualification? Collateral, Competency, Character, Capital Collateral, Capacity, Character, Capital Collateral, Capacity, Comedy, Capital Constipation, Capacity, Character, Capital

____________________ is responsible for property related costs up until the day prior to closing. The Buyer The Realtor The Seller The Selling Agent

Credits to the buyer will show up as a __________________ to the seller. Debit Credit Closing Cost Commission

What is the state transfer tax on a property being old for $245,000.00 if 2 points were purchased by the buyer? $735,000,000 $735 $755 $245