Flashcards in 2.3 Deck (20):
An interest rate that represents the lender's cost of doing business plus the profit they will make on the loan is called the ________.
The cost of insurance on an insured conventional loan is _____% of the value of the loan.
The insurance on an FHA loan is called _______.
MIP or mortgage insurance premium
The upfront insurance premium on an FHA loan is equal to ______% of the loan amount.
With zero-down payment convention loans, your buyers will have PMI costs of _______% if their credit scores are below 660.
A combo loan does not include _____ insurance.
With an insured conventional loan,, the seller an pay up to 6% of closing costs if your buyer has less than 10% down.
If a purchaser receives an 80/5/15 loan, it is called a ________.
A _______ loan is advantageous to your buyer when she has less than 20% down and is willing to take out a second mortgage with the first mortgage.
Another phrase for adjustable rate mortgage is _______ rate mortgage.
A/an ______ type of mortgage would be the most beneficial to someone with irregular income.
An FHA loan allows a buyer to put as little ______% down.
Insurance on a privately insured conventional loan is called _______.
PMI or private mortgage insurance
In a VA loan, sellers can pay all closing costs up to 6% of the purchase price.
A first mortgage for 20% of the value with another loan for 10% of the value is called a _______ loan.
If a homebuyer defaults on an FHA loan, the lender is paid from a/an ________ fund.
A VA loan is always assumable.
For an FHA loan, the buyer is allowed to pay maximum ____% origination fees.
The sellers may contribute up to _______ percent of the property's sale price toward the buyer's actual closing costs for an FHA loan.