Definitions
Define principal?
What is the cost of borrowing money.
Define credit
When you rent, do you pay monthly rent or monthly mortgage?
What is step one of buying a house?
What is get your finances in order (6 months before)
How much does "maxed out credit card" take off of your credit score?
What is 25-45?
What is a mortgage?
What is a loan to purchase real estate in which the property serves as the collateral
What are the 3 reporting agencies?
What is experian, equifax, and TransUnion.
True or False : Owning a home you have to put a down payment?
What is true.
What is the second step of buying a house?
What is prequalify for a mortgage (3 to 5 months before)
How much does "30 day late fee" take off of your credit score?
What is 90-110.
Define lease
What is a legal contract between the tenant and the landlord.
What are the makes up your credit?
What is new credit, balance to limit ratio, mix of credit, payment history, length of history
What is the third step to buying a house?
What is search for a home (2 to 4 months before)
How much does "debt settlement" take away from your credit?
What is 105- 125.
What is low and Moderate Income Borrowers who want to live in a rural or eligible suburban area.
What is credit score?
What is a prediction of your credit behavior, such as how likely you are to pay a loan back on time.
True or False: Both renters and owners have to pay utilities?
What is true.
What is the fourth step to buying a house?
What is agree to terms with a seller (2 months before)
How much does "foreclosure" take away from your credit?
What is 140-160.
Define Jumbo Loans?
What is best for borrowers with good credit looking to buy a more expensive home
What is the credit score range?
What is 300 (bad) 850 (good)
Who has homeowners insurance?
What is the fifth step in buying a house?
What is obtain a mortgage loan (1 to 2 months before)
How much does "bankruptcy" take away from your credit?
What is 220-240.