Unit 14 Quiz Attempt #4

James wants to know how much a house costs and if he can afford one. He has a gross income of $5,350. If the required down payment can be made, what is James’s allowable housing expense?

What are the two parts to a loan?

Prepayment penalty is defined as

Under the Federal Housing Administration (FHA) – insured, what percentage is needed for a down payment and what is the minimum credit score required?

A conventional mortgage loan can be obtained with less than 20% down-payment of the purchase price through Private Mortgage Insurance.

Legal process in which property that is pledged as security for a debt is sold to satisfy the debt is known as?

Under which financing method the seller carries a portion (or sometimes all) of the loan for the buyer?

Which of the following are the two major types of loans?

Which of the following is true regarding the nature of a conventional loan?

Loans that do not meet Fannie Mae or Freddie Mac’s guidelines are known as?

The equity of redemption on a loan foreclosure ends when the property is

A buyer purchases a home in Georgia for $260,000. The sales contract states that the buyer will assume the existing seller’s home loan of $58,000. The Georgia transfer tax is charged at a rate of

The right of a borrower to reclaim a property by reimbursing an investor from a foreclosure sale is what?

What must a lender do in order to foreclose when a mortgagor is in default?

When a buyer is financing the purchase of a home in Georgia, the note that will be signed at the closing is accompanied by _______

When do deeds of conveyence have to be recorded after closing?

What is typically used as collateral in a home loan?

What power does a security deed possess in the state of Georgia?

A homeowner acquired a conventional 30-year fixed-rate loan to purchase her current home, 15 years ago. She has since come apon a large sum of money and wishes to pay off her loan early, before the end of the 30-year term in act. Does the state of Georgia allow for her to repay her loan early?

Thirteen years ago, a homeowner obtained a 30-year mortgage loan to purchase a home. The interest rate on the loan was 8.275%. Today, the homeowner is prepared to pay off the loan early. Can this be done in the state of Georgia?

The mortgage is considered to be in _____ after the first 30 days of non payment

If a borrower transfers title to someone else without informing the lender, what clause allows the lender to demand payment?

What is an assumption?

In Georgia, a buyer is receiving a mortgage loan. At the closing which document should be signed?:

After the first 30 days of a mortgage, if no payment is made the loan goes into