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Xinnix SOAR Mock Exam Questions and Correct Answers the Latest Update and Recommended Version
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Xinnix SOAR Mock Exam Questions and Correct Answers the Latest Update and Recommended Version
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TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!Xinnix SOAR Mock Exam Questions and
Correct Answers the Latest Update and
Recommended Version
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly
payments are amortized over the term of the loan. Once the balance is paid off the mortgage
is closed.
✓ True
A veteran may exchange a portion of their entitlement for cash.
✓ False
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC)
✓ True
Gross rent may be considered effective income when an applicant is planning to rent their
current residence after closing on the purchase of their new home.
✓ False
A simultaneous second mortgage is obtained at the same time as a first mortgage.
✓ True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%.
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✓ True
Most loans do not have a prepayment penalty.
✓ True
What are the four General Styles of Communication?
✓ Expresser, Relater, Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if required by
local building, planning, or health authorities.
✓ True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually.
✓ True
HOA dues are included in the PITI calculation.
✓ False
All of the following documents must be provided by the builder to the mortgage company on
an FHA new construction loan prior to the loan being cleared to close EXCEPT:
✓ Appraisal Certificate
DU does not consider non-occupant income as qualifying income.
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