Show:
DON'T BREAK MY ARM
I DON'T LIVE THERE
MR. FIX IT
DON'T HATE, ABBREVIATE
POTPOURRI
100
2 Questions you ask in the mortgage interview process.
Is your home located in SC? Is any work currently in progress? What is the length of time you plan to stay in the home? Is the house Stucco? How Much money can you put down? Is the home stick built or manufactured?
100
80%
What is the maximum LTV on a rental?
100
Crescent Mortgage Company
Who do we use to process our fixed rate mortgages?
100
GFE
What is a Good Faith Estimate?
100
When borrowers make their monthly mortgage payments, they generally also pay one-twelfth of the anticipated annual amount to pay property taxes, fire insurance, monthly mortgage insurance premium, flood insurance, or other types of accounts
What is escrows or reserves?
200
95%
What is maximum amount to finance with Credit Union?
200
The origination fee on a land loan
What is .50%?
200
Definition of a "Cash Out" mortgage
What is getting cash out of the transaction to pay off existing debt or a second mortgage not used to purchase the residence or just using for a rainy day?
200
PMI
What is Private Mortgage Insurance?
200
Process where the lender who holds the second mortgage agrees to have their loan remain in second position while the loan in first position is refinanced.
What is a Subordination Request?
300
8 Percentage points over the life of the loan
What is the maximum percentage points a loan can increase?
300
Maximum amoritization on a rental property loan
What is 30 years?
300
The amount needed for down payment for a loan with no PMI
What is 20%?
300
CFPB
What is the Consumer Financial Protection Bureau?
300
Second home qualifications
What is a beach, lake house or mountain property?
400
With a property value of $100,000.00, loan amount we can consider for a Refinance that will be paying off a 1st mortgage with balance of $65,000.00 and a 2nd mortgage with balance of $25,000.00 and rolling in closing costs of 3%.
What is $90,000? (we can't roll in closing costs and stay at the 90% LTV)
400
Maximum LTV Sally can borrow for home at Myrtle Beach that is not rented.
What is 90% LTV?
400
Item needed in order to "lock" rate with Crescent when buying a new home.
What is a purchase contract?
400
LTV
What is Loan to Value?
400
Member has given you their gross income, current debts and loan amount information. No application has been submitted.
What is a pre-qualification?
500
Any time during the life of the loan a rate can be modified.
When can a 2 year ARM can be modified?
500
Maximum LTV's for land loan in a subdivision and outside a subdivision
What is 90% and 80%?
500
Maximum LTV of a loan with Crescent (pending approval)
What is 97% LTV?
500
NMLS
What is Nationwide Mortgage Licensing System?
500
This government security is added to 2.5 percentage points to create the rate change.
What is the 1 year T-Bill?