Total yearly cost of a mortgage stated as a percentage of the loan amount
What is the APR
100
Mr. Smith has found his dream home and he comes in to apply for a mortgage for $500,000, what type of loan would he apply for?
What is a Jumbo Mortgage
100
Loan documents are prepared and sent to an escrow company for the member to sign
What is the Closing
100
Jason decides to redo his kitchen and three bathrooms in his home, the repairs will take a while and he is looking for a low interest loan with the lowest payment possible
What is HELOC
100
Member has three business days to return this document
What is Notice of Right to Cancel
200
Portion of a mortgage payment that is set aside in an account that will pay for taxes and homeowner's insurance
What is an Escrow
200
Lisa is looking for a home loan that allows her to have a fixed lower payment for a longer initial term because she plans on staying in the house for less than 10 years
What is a 10/1 LIBOR ARM
200
You need the borrower information, basic property information, and information about your assets, liabilites
What is Apply for the loan
200
Carissa came in to talk about a possible debt consolidation loan to help with her $15,000 credit card debt, in the conversation she mentions that her home has equity
What is HE
200
Member agrees to come back in to sign documents if clerical error
What is Compliance Agreement
300
Average of interest rates estimated by some of the world's leading banks that they would charge each other for short term loans
What is LIBOR or London Interbank Offered Rate
300
Jason just got back form being overseas in Afghanistan and he is interested in making Florida his home and needs to apply for a home loan, which loan should Jason apply for?
What is VA
300
Loans can be immediately approved for a specific loan amount and loan program based on income and debts
What is Credit Approval
300
Mr. Johnson's daughter Tia is getting married and he needs to borrow funds to pay for the wedding. The wedding will cost about $30,000 and he has to pay for some of the larger expenses up front
What is a HE
300
Contains 16 pages for HE
What is Mortgage
400
Protects a lender if a homeowner defaults on a loan and is typically required when less than 20% is used on a down payment for a home
What is PMI
400
Mr. Thomas is retiring from Lockheed soon and he wants to sale his current home and downsize to a home he can pay off in the shortest amount of time because he plans on making this the home he retires in
What is 10 Year Fixed Conventional
400
During this phase underwriting is completed
What is Final Loan Approval
400
Over the next few years Mrs. Kimbobski has to pay for the first year of college for all three kids and she would like a loan she can access when enrollment time approaches
What is HELOC
400
Informs the credit union of how the member will make their monthly HELOC payments
What is HELOC line of credit Set-Up Instructions
500
A tentative commitment that has been made by a specific mortgage lender to fund your mortgage
What is a Pre-Approval
500
Tiffany is convinced her rent is to high and she would rather be spending this money on her own home, she has $10,000 saved and she saw the perfect home for $100,000 that she loves in Baldwin Park
What is an FHA loan
500
Preliminary stages when a member is deciding on a specific product
What is Loan Selection
500
Stan is coming to you seeking advice on using the equity in his home to pay for major medical expenses totaling $20,000 that he has incurred due to an accident while on his way to work
What is HE
500
Member can choose to waive the right to inspect the results of their property value with this document