Piti impound account - Study guides, Class notes & Summaries

Notary Loan Signing Agent Definitions, Complete Solution Borrower (Mortgagor) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign the mortgage and other documentation Re...

NJ Real Estate Salesperson Exam Already Graded A What is the collateral in a home loan? The property itself When someone contributes to the construction or rehabilitation of a property with labor or services rather than cash, that contribution is called? sweat equity If you were buying a house that included furnishings, you would receive a written document transferring title to the personal property. This document is called a/an bill of sale What does a power of attorney grant someone? comple...

police power - ANSWER zoning enforcement code enforcement city planning enforcement P.I.T.I. impound account - ANSWER required on all FHA and VA loans Principle Interest Tax Insurance Points - ANSWER lenders charge to increase their return either 1% of loan amount or 1/8% of lenders investment Prior Appropriation - ANSWER Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior ...

Loan Inquiry and Application Process Requirements - ANSWER-Getting pre-qualified is often the first step of someone looking to purchase a new home. It is where the borrower supplies the lender with their overall financial picture, including debt, income, and assets. The lender evaluates the information and lets the borrower know for how much they would likely qualify. An initial evaluation of the credit worthiness of a potential borrower that is used to determine the estimated amount that the pe...

police power - Answer zoning enforcement code enforcement city planning enforcement P.I.T.I. impound account - Answer required on all FHA and VA loans Principle Interest Tax Insurance Points - Answer lenders charge to increase their return either 1% of loan amount or 1/8% of lenders investment Prior Appropriation - Answer Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior ...

Abstract of title (Title Report) - ANSWER-A written history of all the transactions related to the title for a specific tract of land. This will include a history of all liens, judgements, easements and covenants on the property Abusive - ANSWER-Under the Dodd-Frank Act, this is act of a Loan Originator taking advantage of the borrower's lack of knowledge in the mortgage process. Accrued Interest - ANSWER-This is the interest that is charged over the course of the payment period. Addit...

Notary Loan Signing Agent Definitions, Complete Solution Borrower (Mortgagor) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign the mortgage and other documentation Re...

Notary Loan Signing Agent Definitions, Complete Solution Borrower (Mortgagor) ​ An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign the mortgage and other documentation ...

Borrower (Mortgagor) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title The document that gives evidence of ownership of a property. It also indicates the rights of ownership and possession of the property. 00:23 01:11 Refinancing The process of paying off one loan with the proceeds from a new loan secured by the same property. Escrow Company A licensed neutral thi...

Borrower (Mortgagor) - ANSWER An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title - ANSWER The document that gives evidence of ownership of a property. It also indicates the rights of ownership and possession of the property. Refinancing - ANSWER The process of paying off one loan with the proceeds from a new loan secured by the same property. Escrow Company - ANSWER A licensed neutral third...