Ltv formula - Study guides, Class notes & Summaries

Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER-When utilizing a...

Champions School Of Real Estate Finance Exam 2024 Tested And Verified A home equity loan available to homeowners over 62 years of age - the lender makes  payments to the borrower based on the equity in the property - the loan comes due upon the  sale of the property or the death of the owner. - Reverse Annuity Mortgage A loan with an interest rate tied to a readily available index - the rate will be adjusted  periodically causing payment changes. - Adjustable Rate Mortgage (ARM) The r...

NMLS Texas Exam 2023 Front End Ratio Formula (Mortgage to income/Housing expense ratio) - ANSWER-Monthly PITI/ gross monthly income Federal Housing Finance Authority - ANSWER-Ensures GSEs have adequate practices and capital to engage in mortgage business. LTV Formula - ANSWER-Loan amount/value of property LTV % required to avoid PMI - ANSWER-Less than 80% A VA loan called IRRRL stands for - ANSWER-Interest rate reduction refinance loan Underwriters Review of capital deals wit...

What does D.U.S.T. stand for? - correct answer Demand, Utility, Scarcity, Transferability the percentage of value or sales price that a lender is willing to finance - correct answer Loan to Value Ratio (LTV) the value of a property is equal to the sum of the contributory value of each of its component parts. - correct answer principle of contribution the forces acting on a parcel of land are always affecting the value of the land - correct answer PRINCIPLE OF CHANGE the legal use tha...

National PSI Broker Exam Post test Questions With Correct Answers 2023 Update In the appraisal process, the capitalization rate is used by an appraiser to determine which type of value? A) Future value of any type of property B) Past value of a unique and income-producing property C) Present value of an income-producing property D) Probable value of residential property - Correct Answer-C) The answer is present value of an income-producing property. The capitalization formula us...

Front End Ratio Formula (Mortgage to income/Housing expense ratio) Federal Housing Finance Authority LTV Formula LTV % required to avoid PMI A VA loan called IRRRL stands for Underwriters Review of capital deals with Not things like bank statements RESPA stands for what? Section 8 or RESPA deals with... Appraisal Standards Require upfront MIL, 15 & 30 yr terms, 3.5% borrower investment Gramm-Leach-Bliley Act front-end ratio

Contract law requires earnest money be submitted with a contract of sale in the following amount - Answer: No earnest money is required to form a contract When a contract of sale is signed and the buyer's earnest money check is deposited in the special account, the money belongs to? - Nobody, until the transaction is either completed, rescinded, or breached In the listing agreement, the broker agrees to do his best to procure a buyer. This describes which of the following contract attribu...

Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? FCRA HPA HOEPA RESPA RESPA Which of the following best describes a loan with a principal balance exceeding Fannie Mae or Freddie Mac guidelines? Subprime Jumbo Illegal Balloon Jumbo A borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? $1,000 $800 $750 $1,250...

Real Estate Exam Math Questions (PSI)Margie needs to know the square footage for the first floor of the condo her client is interested in buying. The kitchen is 10 feet by 15 feet, the living/dining combo is 20 feet by 25 feet, and the office and bedroom are each 10 feet by 10 feet. What's the total square footage? Find the area of each room to get its square footage, then add the square footage of all four rooms. Kitchen = 150 sq. ft.; living/dining = 500 sq. ft.; office = 100 sq. ft.; and be...

Chapter 18 Real Estate Math (Colibri Real Estate) Exam Questions and Complete Solutions A one-story house had original dimensions of 60' by 30'. However, a new addition, measuring 24' by 20', was recently added by the owners. The house's total square footage is now: 1,320 1,800 2,280 5,040 - Answer: 2,280 The original part of the house measures 1,800 square feet (60 × 30 = 1,800). The new addition is 480 square feet (24 × 20 = 480). Add the two together, for a total of 2,280 s...