Xinnix Ground School Exam 2022 study guide with complete solution
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Xinnix
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Xinnix
Xinnix Ground School Exam 2022 study guide with complete solution
first-time homebuyer
Someone who has never owned a home
Move-up homebuyer
Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc.
Relocation Homebuyer
Purchasing a new home in a...
xinnix ground school exam 2022 study guide with complete solution first time homebuyer someone who has never owned a home move up homebuyer currently owns
or has previously owned a home and is looki
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Xinnix Ground School Exam 2022 study guide with
complete solution
first-time homebuyer
Someone who has never owned a home
Move-up homebuyer
Currently owns, or has previously owned a home and is looking to move up in price,
location, size, etc.
Relocation Homebuyer
Purchasing a new home in a different city or state due to job transfer or personal desire
Affluent homebuyer
Well seasoned in home buying process. Knowledgeable, financially savvy, busy.
Empty-nester homebuyer
Experienced homebuyers looking to downsize due to age and no dependent children.
Investor homebuyer
Well seasoned and knowledgeable about mortgage process. Rate sensitive, smarter,
potentially impatient and time sensitive. Looking to close as quickly as possible.
End lender in mortgage banking
correspondent lender
End lender in mortgage brokering
wholesale lender
Correspondent lenders
purchase closed loans from banks and mortgage bankers. Warehouse line of credit.
Wholesale lenders
Table fund at closing. All closing docs in name of wholesale lender.
Fannie Mae (FNMA)
Federal National Mortgage Association
Freddie Mac (FHLMC)
Federal Home Loan Mortgage Corporation
FHA
Federal Housing Administration
VA
Veteran's Administration
Non-agency loans
Comprise any loans not made by the 4 lending agencies
Conforming loans
Any agency loan
Jumbo loan
Any conventional loan that is in excess of the loan limits set by Fannie Mae and Freddie
Mac. All jumbo loans are, by definition, nonconforming; the reverse, however, is not
true.
Conventional
A loan NOT insured by FHA or VA
Non-conforming
Any loan that does NOT conform to Freddie Mac or Fannie Mae guidelines
, URLA
Uniform residential loan application. 1003.
Construction loan
A short-term, interim loan for financing the cost of construction. The lender makes
payments to the builder at periodic intervals as the work progresses.
Construction-permanent loan
Same as Construction loan except that long-term financing replaces the interim
financing upon home completion.
Primary residence (owner-occupied, principal residence)
Residence that the owner physically occupies
Secondary residence (second home)
Property purchased for occupancy but not considered primary residence. Such as a
vacation home.
Investment property (rental property)
Property purchased by borrower with no intention to occupy and is instead used to
establish rental income cash flow.
Primary residence > Second home > Investment property
Risk of default to lender rated lowest to highest based on property purpose.
Single Family Detached
A dwelling with no shared walls, designed to be used by one household
Single Family attached
Two or more dwellings sharing a
common wall. Townhouses and condos
Condominium
A separate living unit joined together by like units sharing common walls.
Townhouse
A dwelling of two or three stories that attaches at sidewalls to other units; each person
owns walls and air space plus property rights and yard of the unit
Duplex, triplex, quadruplex
Properties that have 2, 3, 4 units respectively located in one building
Planned Unit Development (PUD)
A planned combination of diverse land uses, such as housing, recreation, and shopping,
in one contained development or subdivision.
Fixed-rate mortgage
A mortgage where the interest rate and payments remain constant throughout the entire
duration of the loan.
Adjustable Rate Mortgage (ARM)
A loan characterized by a fluctuating interest rate, usually one tied to a specific index.
Blend mortgage
AKA "term" and "hybrid" ARMs. An ARM that has a fixed rate at the beginning and
transitions into an adjustable rate after a predetermined period of time. Denoted as 5/1
ARM in which the first number is it's fixed-rate period and the second is the adjustment
period.
"Balloon" mortgage
a mortgage in which the entire remaining balance of the loan is due in one single
payment at the end of a predetermined amount of time unless extended or refinanced.
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