Terms
A loan in which the interest rate does not change during the entire term of the loan.
What is a fixed rate mortgage.
Minimum number of days of a bank statement required for a FHA loan
What is 30 days?
I am sent to the borrow when the loan has a property identified and is withdrawn before RESPA docs are sent.
What is the ECOA notice?
Uniform Residential Loan Application
What is URLA?
The penalty a homeowner must pay when a mortgage payment is made after the due date grace period.
What is a late fee/charge?
A type of loan in which the interest rate changes periodically up or down.
What is an adjustable rate mortgage?
The loan products that require a case number to be assigned.
What are FHA and VA?
Document received from the IRS that verifies social security number.
What is a SARMA?
The ratio of the loan balance you owe compared to the lesser of appraised value or purchase price of the home.
What is LTV?
The original Starbucks was established in 1971 in this U.S. City
What is Seattle Washington?
A special account held in the borrower's name to pay property taxes and insurance premiums.
What is an escrow account?
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?
What is an appraisal?
This government agency protects individuals and ensures that lenders treat applicants equally and fairly.
What is the CFPB?
The Wizard of Oz is located in this city.
What is The Emerald City?
Fee paid to real estate agent or broker by the seller as compensation for finding a buyer or completing the sale of a property. Usually it is a percentage of the sales price.
What is commission?
In addition to VA Loans, name another loan program that has a 0% down payment.
What is USDA?
Document which is issued by local government that states a property meets the local building standards for occupancy. Required for new construction and sometimes for the sale of an existing property.
What is a Certificate of Occupancy?
What is NMLS?
The paperboard "Chinese takeout" box was invented in this country.
What is the United States?
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 closing.
What are closing costs?
Can a VA buyer have more than 1 VA loan? Yes or No
Yes, we will need to calculate how much eligibility the Veteran has remaining. They may or may not have to come up with a down payment.
A deed transferring ownership of a property but does not make any guarantee of clear title.
What is a Quit Claim Deed?
RESPA
This fast food franchise has the most worldwide locations.
What is Subway?