Intro to Home Loans Flashcards
(17 cards)
What are the three types of lenders mentioned?
- Banks
- Retail Lenders
- Wholesale Lenders
What is the first step in the home loan process?
Lead
Fill in the blank: After the lead, the next step is _______.
Pre-Approved
What step comes after ‘House Shopping’ in the home loan process?
Offer
What is the step following ‘Negotiations’?
Under Contract
Which step involves checking the property condition?
Inspections
What is ordered after the loan is submitted?
Appraisal Ordered
What does ‘Approved with Conditions’ signify in the loan process?
The loan has conditions that must be met before closing.
What is ordered after the title is done?
Appraisal Received
What is the step that occurs just before closing?
Final Walk Through
What is the final step in the home loan process?
Closing
How many units does a Residential Loan make up ?
1-4 units
How many unites does a Commercial Loan make up?
5+ units
what does the Loan Originator (LO) do ?
the ones who sells and originates home loans
What does Cleared to Close (CTC) mean?
The under writing is done, and we are ready for closing
What are the Types of Loans?
Conventional, FHA, VA, USDA, Jumbo, NON-QM
