Piti impound account Study guides, Class notes & Summaries

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Notary Loan Signing Agent Definitions 2024 Exam Questions Marking Scheme 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- 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 th...

Arizona Real Estate License Exam Prep With Complete Solutions

Loan Signing Questions and Answers Rated A contingency a clause in an agreement that keeps things from being legally binding unless a condition is met. A typical contingency clause might read like this: "This contract is contingent upon Buyer successfully obtaining a mortgage loan at an interest rate of 6 percent or less." recording fee The fee charged by a government agency for registering or recording a real estate purchase or sale, so that it becomes a matter of public record. Recording fe...

VA Loan Requirements Veterans who were honorably discharged AND who meet the service requirements are eligible for VA home loan benefits. Eligibility is additionally determined by the time frame in which the veteran served and the number of days of active duty. The veteran must obtain a certificate of eligibility (COE). Origination The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower, Mortgage Broker Typically funct...

Loan Signing Agent Latest Update 100% Pass 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. 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 thir...

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 zoning enforcement Code enforcement City planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return Either 1% of loan amount or 1/8% of lenders investment Prior appropriation 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 appropriators Hereditament any property, ...

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...