Aceable Agent Level 13 Exam Questions & Answers 2023/2024
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: - ANSWER-predetermined. with a fixed-rate mortgages the are fully amortized, the amount of interest to be paid is predetermined
A veteran who...
Aceable Agent Level 13 Exam Questions
& Answers 2023/2024
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: - ANSWER-
predetermined. with a fixed-rate mortgages the are fully amortized, the amount of interest to be paid is
predetermined
A veteran who has not used any of their entitlement takes out a $200,000 VA loan. How much of that
loan would be guaranteed by the government? - ANSWER-$50,000. VA loans guarantee the first 25% of a
loan, as long as the loan falls under the FHA loan limit
Which of these things can be changed with refinancing? - ANSWER-interest rates; refinancing can change
a borrower's interest rate
Which of these programs gives direct loans or loan guarantees to help low- and moderate-income rural
Americans buy safe and affordable housing in rural areas? - ANSWER-The USDA Single Family Housing
Programs gives direct loans or loan guarantees to help low- and moderate- income rural Americans buy
safe and affordable housing in rural areas
Kevin took our a 5-year straight loan. What will happen once the loan term is up? - ANSWER-a balloon
payment of the entire principal with be due
Which of these is an arrangement in which the seller maintains their original loan and continues to pay it
while also receiving mortgage payments from the buyer? - ANSWER-wraparound mortgage. its an
arrangement in which the seller of a property extends a mortgage to a buyer; the seller maintains their
original loan and continues to pay it while also receiving mortgage payments from the buyer is a
wraparound mortgage.
Which of the following is NOT a benefit of the FHA program? - ANSWER-no credit score requirements;
FHA loans require a credit check. A credit report should typically have less than two 30-day late
payments in last two years, with a minimum credit score of 580 or higher
What is a temporary mortgage used to finance a construction project? - ANSWER-construction
mortgage; its a temporary mortgage used to finance a construction project
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