Other Financing Techniques Quiz Attempt #4

Other Financing Techniques Quiz Attempt #4

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*Financing Legislation*

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Question 1 of 10

1. Question
The ____ is the ratio of debt to the value of the property.
- loan-to-value ratio.
- capital-use ratio
- debt-to-equity ratio.
- amortization ratio.
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Question 2 of 10

2. Question
What type of loans are Fannie Mae, Ginnie Mae, and Freddie Mae?
- insure residential mortgage loans
- guarantee existing mortgage loans
- originate residential mortgage loans
- purchase exisiting mortage loans
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Question 3 of 10

3. Question
Fill in the blank: One discount point equals ___ for a borrower?
- 3% of the purchase amount
- 2.5% of the loan amount
- 1% of the loan amount
- 1% of the purchase amount
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Question 4 of 10

4. Question
A(n) _____ participates in the secondary market.
- institutional investor who supplies money for FHA anf VA loans.
- lender who deals exclusively in second mortgages.
- lender of residential mortgages and deeds of trust.
- institutional investor that buys and sells loans.
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Question 5 of 10

5. Question
A ________ mortgage, the principle on the loan does not need to be paid until the end of the term.
- Partially amoritized loan
- Fully amortized loan
- Contract for deed
- Straight loan
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Question 6 of 10

6. Question
When a home owner with an existing mortgage gets a home equity loan to consolidate existing credit card loans. Which is NOT an accurate description of what happens to the existing mortgage?
- The orginal mortgage loan remains in place
- lender will usually require the homeowner to refinance the existing mortgage
- home equity loan takes a senior position to the original mortgage
- home equity loan amount is added to the existing mortgage balance
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Question 7 of 10

7. Question
The outstanding balance of principal and interest is defined as:
- the origional balance
- a principal balance
- the interest balance
- outstanding balance
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Question 8 of 10

8. Question
Which of the following best describes a mortgage banker?:
- sells loans on secondary markets
- generally assumes to originate and fund their own loans
- is a mortgage broker or correspondent
- Sells loans on primary markets
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Question 9 of 10

9. Question
Credit is best described as
- A written instrument given to pass title to personal property.
- agreeing to recieving something of value in exchange for a promise to repay the lender at a later date
- A provision in a will providing for the distribution of personal property.
- none of the above
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Question 10 of 10

10. Question
When compared with a two year payment period, taking out a loan with a 20-year payment period would result in:
- higher monthly payments
- lower monthly payments
- slower equity buildup
- greater impound requirements
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