100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Module 10 fool proof questions with solutions 2024 $10.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Foolproof
  4.  
  5. Foolproof

Exam (elaborations)

Module 10 fool proof questions with solutions 2024
 7 views  0 purchase
  • Course
  • Foolproof
  • Institution
  • Foolproof

Module 10 fool proof questions with solutions 2024 Mortgagor That's you! You are the person borrowing money. The Borrower: That's you, too. When you get a mortgage you have definitely borrowed money! Mortgage Default: Short definition: You're in trouble. You're failing to pay your...

[Show more]

Preview 1 out of 2  pages

Document information

  • September 11, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • module 10 fool proof questions with solutions 2024
  • mortgagor thats you you are the person borrowing
  • loan or mortgage fraud when you lie on your loan
  • mortgage broker a mortgage broker is a person who

Written for

  • Foolproof
  • Foolproof

Seller

avatar-seller
julianah420

Reviews received

Content preview

Module 10 fool proof questions with
solutions 2024

Mortgagor - answer That’s you! You are the person borrowing money.

The Borrower: - answer That’s you, too. When you get a mortgage, you have definitely
borrowed money!

Mortgage Default: - answer Short definition: You're in trouble. You're failing to pay your
mortgage payments.

Loan or Mortgage Fraud: - answer When you lie on your loan application you are
committing loan fraud.
Lying about your income or your job on a federally insured loan application is a crime.
Lying on any loan application - lying on a loan for a car or a credit card can have very
bad consequences for you.
Even if someone tells you to lie on the application, you are the person actually
committing the crime.
The person who told you to lie may not be committing a crime.
Bad news: A lot of people involved with loans will encourage you to lie on your loan
application. Why? They have nothing to lose. You do.
Do not lie on loan applications, EVER!

Mortgage Broker: - answer A mortgage broker is a person who brings together the
borrower and the lender.
Wow, is this an important term for you to learn. You will need to understand why
mortgage brokers normally have no risk in the mortgage process.
The broker normally doesn't loan you the money.
The mortgage broker doesn't sell you the property.
The mortgage broker simply brings the home buyer and the lender together. The
mortgage broker normally has no risk in the mortgage process.
The mortgage broker is paid for bringing together a person that wants to get a mortgage
and a company that wants to sell a mortgage.
Mortgage brokers usually get paid a percentage of the mortgage loan. The bigger the
loan, the bigger their paycheck.
Mortgage brokers get their money whether or not you make your mortgage payments,
or can afford your mortgage payments.
Mortgage brokers get paid even if you default on your loan.

Some downfall - answer Many bad mortgage brokers talked people into getting larger
mortgages than they could afford.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart