Tentamen (uitwerkingen)
Freddie Mac - Credit Smart Exam Questions And Answers
- Vak
- Instelling
Freddie Mac - Credit Smart Exam Questions And Answers ...
[Meer zien]Voorbeeld 2 van de 10 pagina's
Voorbeeld 2 van de 10 pagina's
In winkelwagen
In winkelwagen
gesponsord bericht van onze partner
1 beoordeling
Door: lukespishak • 1 week geleden
Door: Easton • 1 week geleden
Thank you for review
Verkoper
Volgen
Easton
Ontvangen beoordelingen
Voorbeeld van de inhoud
Freddie Mac - Credit Smart Exam Questions And Answers 2024-2025The percent of your gross monthly income that goes toward paying for your housing
expenses is called the "housing expense ratio" and is derived from the total housing
payment, including: - Answer Principal, interest, property taxes, homeowner's insurance,
mortgage insurance, homeowner's or condo association fees
Lenders don't count your future housing payment in your debt-to-income ratio, just all
other outstanding debts. - Answer False
- The amount borrowed is the total amount. - True
Lenders calculate the mortgage affordability for self-employed borrowers based on one
of the following: gross income or net profits. - Net profits
An escrow account means an account specially maintained by the borrower for property
taxes and property insurance payments. - False
Having adequate cash reserves deomonstrates to your lender that you have ben prudent
with your cash and have reserves or other liquid assets you can tap in an emergency
situation. - True
Capital - or cash to close - is the amount you'll need to accumulate to cover the cost of
down payment plus closing costs. -True
Acceptable sources of capital include: - Answer Funds from a family member, funds from
a down payment assistance program or funds from your savings account
Lenders consider investments to be (select all that apply): - Answer IRAs, bonds, CDs,
stocks and 401(k) plans.
, To determine whether you have enough savings to secure a mortgage and can afford
homeownership, lenders will use the average of your last six months' checking and
savings account balance. -Answer False
Lenders examine four key factors when determining to approve a loan - the 4 C's of
lending. What are they? -Answer Credit, Capacity, Capital and Collateral
Derogatory information included on your credit report may include: collections,
judgements, bankruptcies and/or late payments. - Answer True
Lenders generally have no guidelines or restrictions regarding the home you want to
purchase or its condition as long as you have good credit. - Answer False
The home inspection is ordered through the lender and dictates the market value of the
home. - Answer False
Manufactured homes are the same as mobile homes and aren't required to meet federal
construction and safety standards. - Answer False
Making extra payments on your loan allows for paying down principal faster, and great
reduction of interest due on the loan. - Answer True
Government-insured loans, which includes FHA loans, are one of the only low down
payment mortgages available to homebuyers. - Answer False
A fixed-rate mortgage is a loan where the interest rate does not change during the life of
the loan. - True
Which of the following loans are insured by the federal government? (select all that
apply) - VA, USDA, FHA
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Easton. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €14,55. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 81113 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen