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Under the Federal Housing Administration (FHA) – insured, what percentage is needed for a down payment and what is the minimum credit score required?
The borrower makes only interest payments in a loan known as
What is a budget mortgage ?
In this financing method, a borrower with an existing mortgage loan can obtain an additional financing from a second lender without being required to pay off the first loan before he/she can obtain the second loan.
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?
What is a loan-to-value ratio?
Which of the following are methods used by the federal reserve system to regulate the money supply?
What is the formula for calculating the first month’s interest rate in a growing equity mortgage?
Title VIII of the Civil Rights Act of 1968 applies to the sale of
When terminating a balloon mortgage the payment due at termination is called a
A _____ loan is used to calculate PMI of $220,000 home with a $28,600 down payment.
What type of loan requires to pay the remaining balance of the loan at a specific period?
What would be the adjusted date on an adjustable-rate mortgage?
Government loans can be guaranteed or insured by ___
Home equity conversion mortgage needs to paid when
Assessing private mortgage insurance is for….
CRV can be applied to which of the following loans?
The Federal National Mortgage Association (Fannie Mae) is ______
What is the time period called when a lender gives and guarantees a specific interest rate for a specific time.
A no cash-out refinance is commonly reffered to as
What is a mortgage premium?
A _______ is a change in your mortgage without having to refinance
A(n) _____ participates in the secondary market.
_____ protects a lender’s interest in a mortgage loan with a high LTV (loan-to-value) ratio.
A ________ mortgage, the principle on the loan does not need to be paid until the end of the term.