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Colibri Real Estate: Ch. 14-23 Questions And Answers With Verified Solutions Already Passed!!!
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Colibri Real Estate: Ch. 14-23 Questions And Answers With Verified Solutions Already Passed!!!
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Colibri Real Estate: Ch. 14-23 QuestionsAnd Answers With Verified Solutions
Already Passed!!!
*Ch. 14: Financing Practice (p. 177)* - ANSWER✔✔
Prequalification - ANSWER✔✔informal process of determining how much a
potential homebuyer *might* be eligible to borrow
*doesn't guarantee approval, not binding on lender*
Preapproval - ANSWER✔✔lender determines if potential borrowers can be
*financed* through lender & for what *amount* of money
*after lender renders credit approval*
While ___________ can be done by a lender or a mortgage broker,
_____________ can only be done by a lender. - ANSWER✔✔prequalification,
preapproval
Basis point is __________ of a percentage point. - ANSWER✔✔1/100th
EXAMPLE: 325 basis points = 3.25% (aka 3 1/4% or 0.0325)
rate lock - ANSWER✔✔an interest rate won't change on a *specific loan* for a
*specific period of time*
Since a lock-in agreement generally requires that the loan close by a specific date,
the anticipated close date should be _______________________. If a loan closes
after the rate lock expires, the lender has the option to offer the _____________
rate or the ___________ rate. - ANSWER✔✔carefully considered, current market,
original lock-in
float - ANSWER✔✔a borrower may choose *to bet on interest rates decreasing*
by electing to float; essentially choosing *not to lock* the interest rate
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