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Chapter 6 Flashcards

(13 cards)

1
Q

ARM

A

Adjustable Rate Mortgage

-The interest rate adjust with the index

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2
Q

APR

A

Annual percentage Rate

-interest rate on a loan on an annual basis

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3
Q

Closing Disclosure

A

Reflects the actual terms of the transaction

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4
Q

CFPB

A

Consumer Financial Protection Bureau

-Regulates and controls all consumer loans.

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5
Q

Creditor

A

Person who extends credit more the 25 times per year

-more then 5 times in a year if transactions are secured by real estate

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6
Q

Disclosure

A

A written statement that details for the buyer/norrower all the information involved in the transaction

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7
Q

Finance Charge

A
  • Interest charges
  • discount points
  • appraisal fees
  • inspections fees
  • any mortgage insurance fees
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8
Q

HELOC

A

-Home Equity Line of Credit

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9
Q

Loan Estimate

A

must be sent to the borrower within 3 business days of applying for the loan

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10
Q

Regulation Z

A

Requires disclosure of all finance charges

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11
Q

Right of Recission

A

Right to cancel the loan

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12
Q

Triggers

A

terms used in advertisement

  • Interest Rate
  • Dow payment
  • loan period
  • finance charges
  • payment amounts
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13
Q

TILA

A

how to calculate the cost of credit by mandating the disclosure of the APR which is a single number allowing easy comparison of loan rates

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