A Horse Named Sally
How's My Credit?
My Brother's Sister's Cousin's Best Friend's Roommate
I saved a ton of money on my car insurance
Bermuda Triangle
100
Property Appraisal
What is an expert's estimate of the quality or value of real estate as of a give date?
100
A composite score given to represent a persons credit worthiness. Typically a 3-digit number.
What is FICO?
100
A type of loan in which the interest rate changes periodically, up or down, usually once or twice a year.
What is adjustable-rate mortgage? (ARM)
100
The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to the price of the property and are paid at the closing.
What is closing costs?
100
A special account set up by a lender to pay for real estate property taxes and insurance when they are collected as part of your monthly loan payment.
What is an escrow account?
200
Interim loan to finance a buyers new residence if the buyer is unable to sell his/her current residence first.
What is a bridge loan?
200
7 years.
What is the age at which negative items are removed from your credit report?
200
A loan in which the interest rate does not change during the entire term of the loan.
What is a fixed-rate mortgage?
200
Fee paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale. Usually it is a percentage of the sale price.
What is a commission?
200
2 years tax returns, 2 months bank statements, 4 weeks of paystubs, drivers license, social security card, legal paperwork such as divorce decrees, bankruptcy discharge, etc...
What is documents that you keep in the bottom of the box in the back of your garage that Martin needs in order to begin the underwriting process for your loan?. OR (General Underwriting Requirements.)?
300
A loan that exceeds the conforming loan limits established by Fannie Mae or Freddie Mac. It has interest rates a little higher than a conforming loan.
What is a jumbo loan?
300
* 640 *
What is standard minimum fico score most lenders will allow for mortgage lending?
300
Any mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution, Fannie Mae, Freddie Mac, and/or State statutes.
What is a conventional loan?
300
An optional form of life insurance that pays off a mortgage if the borrower dies.
What is mortgage - life insurance?
300
The ratio of the loan balance you owe, compared to the appraised value of a home.
What is LTV (Loan to Value)?
400
Most people incorrectly focus on this rather than this.
What is (rate // APR)?
400
Dispute it!
What is how to remove incorrect information from my credit report?
400
A condition put on an offer to buy a home, such as the prospective buyers making an offer subject to the sale of his/her present home or being approved for a mortgage.
What is a contingency?
400
In order to safeguard my home and property against natural disasters both man made and acts of God.. ALSO required before the bank will lend me money for a home.
What is home owners insurance?
400
A process of deciding whether to make a loan based on your credit reputation, income, debt, appraised value of the house and other factors.
What is underwriting?
500
A right provided under federal law to borrowers who are refinancing or borrowing against their home equity that allows them three days after signing the loan documents to cancel the contract?
What is the Right of Rescission?
500
Unicorn
What is someone having a perfect credit score?
500
Chasing a rabbit through an open field with your bare hands.
Same chance you have of getting the perfect home and perfect mortgage if you choose not to take the advice of experienced Real Estate professionals rather than your brother's sister's cousin's best-friend's roommate? *Wild Card Answer*
500
An insurance policy the borrower buys to protect the lender from non-payment of the loan. This is required for loans where the borrower puts less than 20% down.
What is PMI (private mortgage insurance)??
500
A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, by taking and selling the mortgaged property, and depriving the mortgagor of possession.
What is foreclosure?
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