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Mortgage - correct answer A conditional transfer or pledge of real estate as security for the payment of a debt; also, the document creating a mortgage lien. The real estate financing market has the following three basic components: - correct answer Governmental influences, primarily the Federal Reserve System The primary mortgage market The secondary mortgage market The role of the Federal Reserve System (the Fed) is to - correct answer maintain sound credit condition...

The Industrial Revolution changed American real estate by: - correct answer bringing more people into the cities, requiring the construction of more residential housing What is additional money paid to a lender for the use of their money? - correct answer Interest All of these describe the typical early mortgage: - correct answer interest-only loans, shorter terms, and originated by a local lender What banking act insured the deposits? - correct answer Federal Deposi...

Which of the following contractual clauses in a mortgage could apply where the mortgage is otherwise in good standing but the borrower has not paid his or her property taxes? (1) A "further charges" clause (2) A "repayment" clause (3) An "acceleration" clause (4) An "omnibus" clause - correct answer 4. Option (4) is correct because an omnibus clause allows the mortgagee to pay monies to be paid by the mortgagor (e.g., property taxes or strata charges) if unp...

Mortgage - correct answer The pledging of real property to a creditor or lender as a security for a debt Mortgage - correct answer An interest in land that is created by a contract (mortgage document) that is security for a loan made by the lender to the borrower Mortgage - correct answer The security over property given to the lender for repayment of the loan Mortgagee - correct answer The individual or entity that lends the funds secured by real property for which ...

What certified statement shows the outstanding balance due on a mortgage? - correct answer An estoppel certificate What obligations do purchasers of real estate take on when they assume a mortgage? - correct answer They agree to pay the debt A man bought a woman's property by assuming the existing mortgage and paying $30,000 in cash. Three years later, the man defaulted on the mortgage loan and the mortgagee foreclosed on the mortgage. What are the obligations in this situatio...

Commercial banks are notable for: - correct answer being the largest source of investment funds in the United States What is the mortgage banker's primary business? - correct answer Earn the fees associate with loan origination What is a mortgage broker? - correct answer a licensed professional who originates mortgage loans that are financed by one of several lenders the broker works with. What are mortgage loan originators? - correct answer The various businesses...

Appraiser - correct answer a qualified individual who uses his/her experience and knowledge to prepare the appraisal estimate Closing Agent - correct answer a third-party vendor that performs loan closings on behalf of the lender; someone from the title company usually acts as this individual Mortgage Banker - correct answer an individual who is licensed to sell mortgages in specific states to clients and can negotiate terms of the loan Mortgage Loan Originator - correct ...

mortgage - correct answer a legal agreement between a person and a bank that determines repayment for a loan used to buy a home or other property. a borrower agrees loan amount, interest rate, and payment term. they pay it back over years. they can be over 30 years. they should make up no more than 20-25% of budget consequence - correct answer a legal agreement that determines repayment for a loan used to buy a home or other property credit - correct answer the level of trus...

Section: - correct answer The Basics of Mortgage Financing A mortgage is? - correct answer A loan to purchase property, with the property as collateral. The variety of mortgage options means you can borrow the same amount of? - correct answer Money but with different terms and end up paying very different amounts back. You're not stuck with your first mortgage for life. If you sell the house, you'll get a new mortgage when you buy your next one. And if you decide to...

Match the terms to their definition. - correct answer ARM - Adjustable Rate Mortgage; a mortgage that has a fixed rate for a certain amount of time and then has a variable rate that changes periodically balloon mortgage - a short-term mortgage in which small payments are made until the completion of the term, at which time the entire balance is due escrow - an account with a financial institution used to pay taxes and insurance FHA loan - a government-backed loan, which makes it easier f...