Colibri Real Estate. Ch. 14-23 Questions and Answers 2024
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Colibri Real Estate
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Colibri Real Estate
Colibri Real Estate. Ch. 14-23 Questions and Answers 2024
Ch. 14: Financing Practice (p. 177)
Prequalification
informal process of determining how much a potential homebuyer might be eligible to borrow
doesn't guarantee approval, not binding on lender
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rate lock - answeran 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. - answercarefully considered, current market, original lock-in
float - answera borrower may choose *to bet on interest rates decreasing* by electing to
float; essentially choosing *not to lock* the interest rate
Why could choosing to float be risky? - answerCould be risky during times of increasing
inflation as it could result in a higher interest rate
Origination Fees cover the _______________ for making and processing the loan,
including setting up ______________ on the lender's books. Often referred to as
____________. - answeradministrative costs, the loan, points
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