Exam (elaborations)
Foolproof - Buying A Home Questions with Accurate Answers
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Foolproof - Buying A Home
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Foolproof - Buying A HomeHome Mortgage - answer A loan used to buy real estate. The property itself is used as
collateral to guarantee you will pay back the loan
Mortgage Insurance - answer An insurance policy that says the insurance company will
pay your mortgage if you are unable
Lender - answer The company or person who actually puts up the money for a
mortgage
Mortgage Company - answer The company that gave you the loan
Mortgagor/Borrower - answer The person borrowing the money
Mortgage Default - answer Failing to pay your mortgage payments
Loan or Mortgage Fraud - answer When you lie on your loan application you are
committing loan fraud
Mortgage Broker - answer A mortgage broker is a person who brings together the
borrower and the lender
- Normally has no risk in the mortgage process
Bank of America makes mortgage loans - answer
The New York Times does not make mortgage loans. - answer
The conservative consumer advocate doesn't make money on mortgages. - answer
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