Mortgage Basics
What is the minimum credit score typically required for an FHA loan? Bonus if you know the Conventional minimum credit score.
What is 580 (Conventional is 620)
Which government-backed loan is designed for military service members and veterans?
What is a VA Loan
What is the first step a buyer should take before house hunting?
What is getting pre-approved for a mortgage
What is the highest possible FICO credit score?
What is 850
What is the name of my son? Bonus if you know his age
What is Jensen and he is 3 years old
What does LTV stand for in mortgage terms?
What is Loan-to-Value
What type of mortgage has an interest rate that changes over time? Bonus available
What is an adjustable-rate mortgage (ARM)
Options typically include 3 Yr, 5 Yr, 7 Yr, or 10 Yr fixed portions
What document outlines the terms of the home purchase and is signed by both buyer and seller?
What is a purchase agreement
What percentage of a credit score is based on payment history?
What is 35%
What sports do I play? Bonus if you can name more than 1.
What is....Hockey, Soccer, Golf, and Tennis
What is the name of the upfront cost paid to secure a home purchase?
What is a down payment (side note closing costs are also involved)
What loan program allows homebuyers to purchase a home with as little as 3% down?
What is a Conventional 97 loan
What is the process of a lender verifying a borrower’s income, assets, and debts before approving a loan?
What is underwriting
What is the term for the ratio of monthly debt payments to gross monthly income?
What is the debt-to-income ratio (DTI)
What is my favorite "Adult Beverage"?
What type of insurance protects the lender in case a borrower defaults on a conventional loan with less than 20% down?
What is private mortgage insurance (PMI)
Which loan type is ideal for homebuyers in rural areas and backed by the government?
What is a USDA Loan
What is the term for a seller's contribution to help reduce a buyer's loan costs?
What are seller concessions or seller credits
What is the best way to lower your credit utilization ratio?
What is paying down credit card balances
What is my family nickname given to me?
What is "Sweet Pea Wee Paparooni" Side note my family gives these nicknames to everyone when the time is right LOL
What does APR stand for, and how does it differ from the interest rate?
What is Annual Percentage Rate, which includes both the interest rate and additional fees
What type of loan allows homeowners to borrow against the equity in their home?
What is a home equity line of credit (HELOC)
What is the period called where a buyer can back out of a home purchase due to inspection issues?
What is the contingency period or attorney inspection (AI) period
What type of credit inquiry occurs when applying for a mortgage and can temporarily lower a credit score? Bonus available
What is a hard inquiry - side note for the preapproval process some lenders like myself allow soft credit checks initially and require the hard check once you officially go under contract.
2 truths & a lie..
I got hit in the face with a metal pipe and broke my tooth
I played soccer in Disney World
I dated an American idol finalist
Lie: I dated an American Idol finalist - I am actually friends with an American Idol finalist