General Mortgage Knowledge Test Questions Flashcards
1
Q
A
Principal Finance Charge
2
Q
A
100% insured by the government
3
Q
A
ARMs
4
Q
A
D
5
Q
A
option ARM
6
Q
A
Annual Percentage Rate
7
Q
A
non-conforming loan
8
Q
A
small creditor rural/underserved area
9
Q
A
an FHA loan
10
Q
A
most lending transactions other than reverse mortgages and open end loans
11
Q
A
reverse mortgage
12
Q
A
a purchase money mortgage
13
Q
A
HECM
14
Q
A
a loan with a balloon payment provision
15
Q
A
the amortization schedule
16
Q
A
a legal requirement under the ability to repay rule
17
Q
A
they are assumable
18
Q
A
insures loans
19
Q
A
rural areas
20
Q
A
option arm
21
Q
A
construction to permanent and standalone construction
22
Q
A
negative amortization
23
Q
A
funding fee
24
Q
A
conventional/conforming loans
25
FHA loans
26
HELOC
27
subordinate lien
28
nonconforming loan
29
three years
30
DTI of no more than 30%
31
a fixed rate qualified mortgage that is not a higher priced mortgage
32
index and margin
33
a number, expressed as a percentage that represents a lenders operating costs and profit margin.
34
jumbo loan
35
up to the guaranteed amount on the loan
