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Unit 6 Exam Financing and Settlement With Questions And 100% SURE ANSWERS
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Unit 6 Exam Financing and Settlement With Questions And 100% SURE ANSWERS
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Unit 6 Exam Financing and Settlement With Questions And 100% SURE ANSWERS
Practice questions for this set
, Terms in this set (88)
An amortized loan ____. Which of the following is All of the following are correct
correct?1. Is the same as a budget loan if it includes
taxes and insurance 2. Allows the borrower to "re-
borrow" the remaining principal each year at the
established interest rate until there is no principal
left to borrow 3. Has a fixed monthly payment 4. All
of the above are correct.
Comparing a mortgage and deed of trust as A mortgage
financing security instruments, which must be
foreclosed through the courts?
The purpose of the "final walk through" is to ____. Make sure that no damages or changes have occurred since the inspection
You consider an ARM loan with a margin of 2% 7%; 12%
based on the current COFI Index of 4%. The loan
features a 2% annual and a 6% lifetime cap. One year
from now, if the COFI index is 5%, what will your
interest rate be, and what is the highest interest rate
you would ever have to pay?
Within 3 days of loan application, a lender must RESPA (Federal)
Unit 6 Exam Financing and Settlement
provide a borrower an estimate of closing costs as
required by ____.
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