2.13 Flashcards
(12 cards)
The three basic components that an LO will review with your client are __________ debts and expenses compared to income, and type of property they are purchasing.
credit score, or credit report
The industry term for a person who helps borrowers apply for a mortgage loan is “loan originator”, “loan officer,” or simply “__________.”
LO
True or False:
Conventional loans have just two credit score tick points that determine rates of interest.
False
Anything that is more than a four-family dwelling is considered by lenders to be a _______.
commercial property
The three basic components that an LO will review with your client are reports and credit score, ______, and type of property they are purchasing.
debts and expenses compared to income
The three basic components that a LO will review with your client are credit reports and credit score debts and expenses compared to income, and _______.
type of property they are purchasing
The three types of mortgage loan programs are government backed loans, ______ and jumbo.
conventional
The ______ the time period between interest rate lock and closing, the better the better the interest rate.
shorter
If your buyers are within the standard qualification parameters for a loan program the LO can-and often does- issue a _______ letter.
pre-approval or pre-qualification
Once you find a property your buyers want to submit a purchase agreement on, you will often need a/an ______ from your LO before presenting the offer to a seller.
approval letter
True or False:
An LO does NOT need to notify you about changes in the mortgage market if he or she isn’t working with one of your buyers.
False
Because of confidentiality laws, the loan originator will need to obtain the borrowers _______ permission before sharing relevant details with you about your buyer’s loan application and the loan process.
written
