Freddie mac credit smart - Study guides, Class notes & Summaries

Freddie Mac - Credit Smart

Federal National Mortgage Association (FNMA) known as, Fannie Mae began in 1938 as an agency of the federal government In 1968, Fannie Mae became a privately owned and managed corporation Fannie Mae operates exclusively in the secondary market and provides support to mortgage lending institutions in the primary market. Freddie Mac is a federally chartered corporation established as the Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in ...

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Freddie Mac - Credit Smart Exam Questions With Correct Answers The percentage of your gross monthly income that goes toward paying for your housing expenses is called the "housing expense ratio" and is based on the total housing payment, which includes: - answerPrincipal, interest, property taxes, homeowner's insurance, mortgage insurance, homeowner's or condo association fees Lenders don't include your future housing payment in your debt-to-income ratio, only all other outstanding d...

REAL FINAL EXAM QUESTIONS AND CORRECT ANSWERS.

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Net worth - answer-Assets (own) - Liabilities (owe) = Net Worth Personal finance plan - answer-Reasons to develop a __________: - Achieve your financial goals - Achieve financial independence - Invest intelligently - Minimize your payments to Uncle Sam - Cover your assets The Personal Financial Planning Process - answer-Step 1: Awareness and Setting Financial Goals Step 2: Creating and Activating Plans Step 3: Evaluating and Revising Plans: Moving forward Step 1: Awareness ...

Freddie Mac Interview Exam Questions And Answers.

Do lenders use gross income or net profits when calculating mortgage affordability for self-employed borrowers? - ANSWER Net profits An escrow account is a special account managed by the borrower that holds funds for property taxes and property insurance payments. - ANSWER False Having adequate cash reserves demonstrates to your lender that you have responsibly managed your money and have savings and other assets to fall back on in case of emergency. - ANSWER True Capital - or cash to c...