A standardized document that contains the borrower's information, loan reason, type of loan, interest rate, length of loan and amortization of loan.
What is a loan application?
100
The tax deduction on a mortgage is a
What is a pro?
100
What act requires lenders to provide the borrower with all the details of the loan?
What is the Consumer Credit Protection Act?
100
When searching for a loan it is important to understand all _____ and _____ of the loan.
What are features and conditions?
100
Bate and Switch is the name of a ________ _________ practice.
What is predatory lending?
200
Where can you acquire a consumer loan or mortgage?
What are commercial banks, consumer finance companies, sales finance companies, life insurance companies, savings and loans banks, or credit unions
200
A major pro of a fixed rate mortgage is that it makes house ownership _______.
What is attainable?
200
What act protects borrowers from discrimination based upon religious views, racial background, gender, etc.?
What is the Equal Credit Opportunities Act?
200
While shopping for a loan Thomas is only concerned about the APR. This is a...
What is a don't?
200
Sara sees an advertisement for a mortgage that only requires her to pay $500 a month on a $200,000 house for 4 years. After the 4 years monthly payments will jump. This is a sign of...
What is predatory lending?
300
This is the loan someone with overwhelming credit from multiple lenders would apply for if they are looking for only one monthly payment with lower interest rates.
What is a consolidation loan?
300
The largest con of a mortgage is ______ the borrower must pay.
What is the interest?
300
The statement provided to the borrower from the lender that includes all charges associated with the loan and the APR along with payment terms and any balloon payments.
What is the Federal Truth in Lending Disclosure Statement?
300
While considering a loan it is important that they match your ______ _____.
What is financial goals?
300
A lender writes you a loan that is bad but assures you all is well and they will refinance it later. You should...
What is leave and look for a loan elsewhere?
400
This rate includes the interest rate plus any fees you may be charged.
What is the APR?
400
When would someone experience more pros than cons with an adjustable rate mortgage?
What is a sort term loan?
400
John applied to for a mortgage at a City Bank in Florida while wearing a t-shirt that said "I HATE FLORIDA." Why should John not be concerned with his belief interfering with his loan approval?
What is the Equal Credit Opportunities Act?
400
Rylee is planning to pay off her loan early. What rule should she be sure the loan does not follow?
What is the Rule of 78?
400
A lender writes Bryan a fixed rate mortgage for 30 years and includes all necessary disclosures including a somewhat high interest rate due to his bad credit. This _____ be an example of predatory lending.
What is would not?
500
Julia is considering taking on a 30 year mortgage that has an interest rate of 14% for the first five years and then varies based on the index plus the margin for the remaining 25 years. What is the name of this loan?
What is a 5/1 ARM?
500
A con of an adjustable rate mortgage is that interest rates may...
What is increase after the fixed time?
500
Chase has approved Sylvia for a 15 year mortgage. What does the Consumer Credit Protection Act require Chase to provide her?
What is the Federal Truth in Lending Disclosure Statement?
500
Lindsay is considering a mortgage that would eat up $1500 of her $4000 monthly income. Would it be wise of her to take out this mortgage?
What is an unwise decision?
500
The predatory lending term used for interest rates that drastically increase is _________.